Fiscal forecast: Chief Executive Donald Tsang speaks at the Asian Financial Forum.

Asia is changing for the better in terms of its long-term financial and economic prospects and potential, Chief Executive Donald Tsang says.

Opening the Asian Financial Forum today Mr Tsang outlined Hong Kong's strengths like its consistent rating as the freest economy in the world, sound legal system, freely convertible currency, liberal immigration policies, large talent pool, and the robust development of its economic performance and stock market.

"These are some of the credentials that affirm our position as the only international financial centre amid Asia and China," Mr Tsang said.

Hong Kong will further develop renminbi business to increase its scope of services and expand its role as a financial gateway to the Mainland and as a leading Asian financial services hub. He also noted that by establishing a platform for Islamic finance, Hong Kong will extend its role as a global financial centre.

"With our sound fundamentals, a high-quality labour force, the 'can-do' spirit of our people, and new opportunities arising from Guangdong, Hong Kong and Macau regional development, I am confident Hong Kong will rebound strongly from the economic downturn," Mr Tsang said.

The forum, carrying the theme "The Changing Face of Asia", was co-organised by the Government and the Trade Development Council. It will explore opportunities arising from the challenging financial environment by bringing together the world's most influential monetary minds, and financial and business leaders.