Reinforcing Our Position as a Financial Centre
21. The financial turmoil has given rise to a series of questions: Will a new global financial order emerge? Can the existing regulatory regime cope with developments in the global financial market? How should we chart Hong Kong's development as a global financial centre?
22. Enhancing our status as a global financial centre to help the economy power ahead is a well-considered strategy. In the face of global financial volatility, we need to keep calm and take a critical look at our own strengths and weaknesses. By so doing we can move in the right direction and reinforce our position as an international financial centre.
23. Hong Kong boasts a sound legal system, a free flow of capital and information, a large pool of financial talent and a vibrant economy. All these underpin our status as a global financial centre. Meanwhile, the economic development as well as the reform and opening up of our country have presented new opportunities for a broader and deeper financial market. We have much to offer in supporting our country's rapidly expanding and increasingly internationalised economy. Hong Kong is the only Chinese city in the same elite league as the global financial centres, London and New York. Building on this solid foundation, we will look for opportunity amidst this financial tsunami, and tap into emerging markets to consolidate our financial sector as an important economic pillar.