January 16, 2012

At the fifth Asian Financial Forum today, Chief Executive Donald Tsang described Hong Kong's strategies to promote sustainable growth, despite the global economic downturn. 
 
They included stepping up infrastructure investment, promoting a more diversified business environment, attracting a wider variety of foreign firms to Hong Kong and enhancing Hong Kong's accessibility and potential as a capital-raising platform.
 
Noting the Eurozone debt crisis and US recovery, Mr Tsang said that Asia is well placed to drive sustainable growth, having a sound economic environment and providing a springboard for sustainable global growth.
 
At a forum reception this evening, Financial Secretary John Tsang spoke on the proliferation of renminbi business outside the Mainland.
 
"We are now witnessing the birth of the renminbi as a new international currency. In 2011, renminbi deposits in Hong Kong almost doubled to around RMB630 billion,” the financial secretary said.
 
Total renminbi trade settlement handled by Hong Kong banks since its inception in 2009 now exceeds RMB2 trillion, he added.
 
Secretary for Financial Services & the Treasury Prof KC Chan chaired a session on global economic power, focusing on the global economic outlook and Asia's contribution to sustainable growth.
 
About 2,000 financial players and business leaders from around the world are attending the two-day forum.