Asia has spent the past two and a half years striving through a financial storm unparalleled in modern history. The lesson for Hong Kong is clear. Our traditional free and open market wisdom has anchored Hong Kong amidst the gusts and currents. Our staunch commitment to the basic principles of maximum support, minimum intervention and transparency is the driving force in support of the voyage to strong economic recovery. Globalization and technological advancements have deeper meanings and more profound implications for the financial landscape of Asia.
Globalization transforms the way people think and the way they do business.
It creates enormous business opportunities and room for creativity by slashing transaction and information costs substantially. On the other hand, it presents huge risks which, if not managed properly, will cost dearly to both market players and the stability of the financial system as a whole. For Hong Kong, globalization creates a new dimension on how to maintain and enhance our position as a major international financial centre. Harnessing the forces of globalization has become one of the most important and urgent strategies as we stride towards the 21st century. Advancement in technology brings along international competition.