The Central Government will implement and enhance a series of measures to help Hong Kong weather the global economic turmoil.

Speaking to reporters in Russia today Premier Wen Jiabao pledged it will expedite infrastructure projects and safeguard food supplies to Hong Kong to relieve inflation pressures, support small and medium enterprises, and expand the individual travellers scheme.

He said the Bank of China and Mainland regulators will also increase communication with their Hong Kong counterparts to develop contingency plans.

Noting Hong Kong is economically sound he said he is confident the city can overcome the fiscal storm as long as the Hong Kong Government implements appropriate measures.

HK response

Welcoming the premier's pledge the Hong Kong Government said it will work closely with the Central Government to ensure the measures are smoothly implemented.

It agreed with Premier Wen the city must fully assess the difficulties, make full preparations, closely monitor the development of the financial crisis and promptly adjust policies.

The Task Force on Economic Challenges has been formed to monitor and assess the impact of the pressures on Hong Kong's economy. The group will come up with specific options for the Government and industries to consider.

It said Hong Kong will learn from experience and further strengthen its financial and economic systems.