Questioning the status quo is the best way to spot emerging risks, Monetary Authority Chief Executive Joseph Yam says. Hong Kong must remain alert to potential financial crises, he adds, noting our size - not too big but liquid enough to attract international capital - and openness make us more vulnerable than others in an environment of financial globalisation.

In his Viewpoint column today, Mr Yam writes: "In a financial system as open and externally oriented as Hong Kong, we obviously should not let our guard down, although for precisely the same reasons it is not always possible for us to control our destiny."

Being a financial regulator makes him a natural worrier, he adds, though he believes the 1997-98 Asian financial crisis is unlikely to repeat itself. What's more, he takes comfort, "not from the financial system of Hong Kong being somehow immune to external shocks - no system is immune - but from the results of the stress tests on the monetary and banking systems that we now conduct with increasing frequency using exceptionally stressful parameters."

Ask unorthodox questions

He offers his assessment of the situation today, and urges people to remain vigilant and ask unorthodox questions.

"In any case, the Hong Kong economy seems to be doing well, the financial system to be quite robust, and everybody seems to be having a good time. If there are disruptions, I think it is more likely that they will come from external sources. But still, readers should watch their radar screens because vigilance is a good habit," Mr Yam writes.

"It is also a good practice to look behind the screen and ask unorthodox questions, even if you do not always find satisfactory answers. I can assure you that this will have a positive effect on your welfare."

Read his column for a sampling of questions you may want to ask.