A positive mindset and the right skills are more important than an impeccable academic record in a global environment with a fast-changing economic landscape and fierce competition, Secretary for Labour & Welfare Matthew Cheung says.

Speaking today on the financial tsunami's impact with 200 university students from 15 Asian Pacific countries and regions at the AIESEC Hong Kong's Asia Pacific Exchange & Leadership Development Seminar, Mr Cheung said no one would have predicted the financial turmoil would spread so quickly and extensively.

He urged the young people to remember how the reckless and greedy actions of a handful of people has led to the misery of so many around the globe.

"As you move on, you must not relegate integrity, honesty, moral and family values to the backburner. These are basic values of intrinsic and enduring worth. They are the glue of society. I urge you, young leaders, to be tolerant, prudent and compassionate. More importantly, you must guard against greed and excesses and be prepared to place public interest before private gains," Mr Cheung said.

He said things are now more volatile, jobs are more casualised and fragmented, outsourcing and short-term contracts are more prevalent, and services delivered on a freelance basis are increasingly common.

"Our next generation must therefore be more flexible and versatile. They must possess a sense of proportion and have the perseverance and resilience to turn adversity into opportunity for future prosperity," he said, adding they should not lose heart.

"The world has faced seemingly insurmountable challenges before but we managed to emerge stronger. In the final analysis, I believe a unity of mind, purpose and resolve would enable us to pull through and forge ahead with renewed energy."

Click here to see the full text of his speech.

AIESEC, the world's largest student organisation, is present in over 1,100 universities and campuses in more than 100 countries and territories. It is an international platform for young people to discover and develop their potential so as to provide leadership for a positive impact in society.