Asian Financial Forum opens in Hong Kong

Some 2,000 business and government leaders from around the world attended the Asian Financial Forum which opened today in Hong Kong.

Asia is no longer simply a "factory of the world"; it is a facilitator of inclusive growth and prosperity on the back of rising consumption and wealth creation, according to Chief Executive of Hong Kong Special Administrative Region of the People's Republic of China, Mr.C Y Leung.

Asian Financial Forum 2013 brings together some of the most influential members of the global financial and business community to discuss developments and trends in the dynamic markets of Asia. – Photo Courtesy of AFF

He was addressing some 2,000 business and government leaders from around the world at the Asian Financial Forum (AFF) which opened today and continues through tomorow at the Hong Kong Convention and Exhibition Centre.

The Hong Kong leader also said the whole world had seen a notable swing to the East of financial opportunities and talent, with investors eager to be part of Asia's economic growth story.

It is not referring to the rapid development of mainland China but also to emerging economies, especially in Southeast Asia.

He also said that Hong Kong will continue to be an important player in the region, especially as a financial interface with mainland China.

Under the theme "Asia: Shaping the Next Global Landscape", the forum's sixth edition spotlights Asia's fast–expanding role in the global economy. The AFF 2013 tackles such key issues as China opportunities, the future of the Eurozone and the world's food and agriculture sector.

As economic gravity continues to shift towards Asia, the decisions made by government leaders in this region take on increasing global importance. Participants heard discussions on policies which could contend with the effects of the European sovereign debt crisis, worldwide quantitative easing and other turbulence in the global economy and the role of China in this challenging time.

Australian Deputy Prime Minister and Treasurer Wayne Swan shared his view that Australia and Asian economics are bound together and he is very optimistic of the future of Asia in the global economy.

In the wake of the global financial crisis, many believe the world needs to revamp the financial system to better serve the real economy and restore investor's confidence in the financial markets. Participants examined the status and impact of international and national efforts to reinvigorate growth and ensure credit availability. They looked particularly at long-term financing to support real economic activities, strengthen the regulatory framework and enhance authorities' responsiveness to systematic risks.

According to President and Chief Executive Officer Federal Reserve Bank of Chicago, USA, Charles L. Evans, the US and other advanced economies are facing sigfnificant long-term challenges in controlling future debt levels.

At the same time, they are also confronting the immediate challenge of not imposing too much austerity on their fragile economies.

Evans pointed out that fiscal authorities must find the appropriate balance between meeting these two challenges. Under this scenario, monetary policy has an important contribution to make. It should provide financial conditions that help produce the most robust demand growth we can reasonably achieve, with appropriate measures in place to safeguard price stability, Evans added.

The forum will feature workshops on China's agenda for reforming its financial system, trends and opportunities in the global use of the renminbi, and the China-ASEAN business partnership.

The AFF will also have workshops ranging from Asian financial integration to a spotlight on Myanmar investment and a look at private wealth management, plus panel discussions on global investment opportunities and another on food and agriculture.

The Asian Financial Forum (AFF) brings together some of the most influential members of the global financial and business community to discuss developments and trends in the dynamic Asian markets.

This year more than 90 high-profile speakers from China and around the world have participated at the forum.

They include Professor Lawrence H. Summers, the Charles W Eliot University Professor at Harvard University's Kennedy School of Government who served as Director of the National Economic Council under the administration of United States President Barack Obama; International Monetary Fund Deputy Managing Director Dr Zhu Min; Italy's Minister of Economy and Finance Vittorio Grilli; South Korea's Minister of Strategy and Finance Bahk Jaewan; Luxembourg's Minister of Finance Luc Frieden; Chairman of China Securities Regulatory Commission Guo Shuqing; China Investment Corporation Chairman and CEO Lou Jiwei; and Prudential Plc Chairman Paul Manduca.

The AFF 2013 is organised by the Hong Kong SAR Government and the Hong Kong Trade Development Council.