on its strengths and synergise them with the innovation and advanced manufacturing capability in the greater bay area to grow our own innovation and technology industry. efforts will be focused on four strategic areas, namely fintech, artificial intelligence, biotechnology, and high - end manufacturing. there is also an ambitious plan to increase land supply with the necessary infrastructure to support economic activities and quality living. one mega project is to develop a northern metropolis neighbouring shenzhen. another mega project involves large - scale reclamation that will create artificial islands in the western part of the harbour. taken together, these two projects will provide more than 50 % of hong kong's land supply for the next decade. while the financing need will be partly met by public funding, the government also encourages suitable forms of public - private partnership to develop the infrastructure and grow the strategic industries. for this purpose, the government has established the office for attracting strategic enterprises. it will also set up a committee on the financing of major development projects, led by the financial secretary, to advise on feasible investment and financing options, taking advantage of market capital and efficiency. there are great opportunities for the pe and vc industry to take part in these initiatives. for those of you who are interested, just stay tuned. ladies and gentlemen, these are exciting times. hong kong will continue to upgrade our platform and create value for pe and vc firms, large and small, local and overseas, to seize the many opportunities offered in asia pacific. i wish you a most productive forum. for visiting guests, i hope you can find some time out of your busy schedule and experience the variety and vibrancy this amazing city can offer. thank you very much. 4 / 5 bis - central bankers'speeches 5 / 5 bis - central bankers'speeches

thirachai phuvanat naranubala : how to create a stable financial environment in emerging market economies remarks by mr thirachai phuvanat naranubala, deputy governor of the bank of thailand, at the international conference of banking supervisors, cape town, 19 september 2002. * * * the title of “ how to create a stable financial environment in emerging market economies ” is almost a contradiction. the events in the past few decades will bear me out. it has been difficult for emerging market economies to maintain stable financial environment over a long period of time. crises and disturbances have erupted every now and then, resulting in losses of output, employment and livelihood. the problem is - - emerging market economies and stable financial environment do not always go hand in hand. some of the reasons are obvious. emerging market economies are the countries in the process of integrating themselves into the new environment of globalization. they are invariably at some points in their journeys in enhancing free trade, attracting foreign direct investments and capital inflows, adopting rule based supervision and control, and introducing market discipline. the risks to stability occur because they have to learn and put into place the framework and the machinery to regulate, supervise and monitor their financial markets in the tight time span of years what developed countries had taken decades to do. for the emerging markets, globalization is like sailing out of the inland waterway where the environment is safe and calm into the international ocean with its more choppy water. the risks multiply. what can one do about this? you can, of course, opt for the easy approach. you can continue to maintain tight controls and resist liberalization. but this will hinder the development of your domestic financial markets, and also the skill of the people involved, both the regulators and the commercial banks themselves. in my opinion, the right approach is for the emerging market to create, or improve and maintain the right fundamentals. in a way, instead of trying to extend your breakwater further and further, it is better to change from the less stable rowing boat to a more sturdy and seaworthy ship, one that can handle the rough ocean better. in this respect, there are three things that i wish to highlight. the first is the need to ensure that the country conducts proper macroeconomic policy. i mention this even though it is not directly the job of supervisors because it can overwhelm everything. to take the example of thailand, we used the fixed exchange regime for too long, but without the