Fruitful encounter: Talks between John Tsang (left) and Walt Disney Parks & Resorts chairman Jay Rasulo have made progress.

Talks on Hong Kong Disneyland's expansion have made substantial progress,  Financial Secretary John Tsang says.

Mr Tsang was touring the United States West Coast and met Walt Disney Parks & Resorts chairman Jay Rasulo today.

"I am happy to note substantial progress has been made in the negotiations. While a number of issues remain to be sorted out, both sides are committed to bringing the discussions to a successful conclusion in the near future," Mr Tsang said after the meeting.

Secretary for Commerce & Economic Development Rita Lau said in Hong Kong she was happy to hear the news.

"As far as I know, there were breakthroughs on a number of important issues. I am sure there will be solid plans very soon," she said.

In Los Angeles, Mr Tsang attended a breakfast roundtable and exchanged views with prominent business people on the global financial crisis and stimulus measures other governments have introduced.