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THE 4TH ASIA ECONOMIC SUMMIT
ASLI President Mirzan Mahathir speaking at the Opening of the 4th Asia Economic Summit in Hong
Kong.
Hong Kong’s Financial Secretary John Tsang with Mr. Mirzan Mahathir & Dato Dr. Michael Yeoh.
Prof. Toyoo Gyohten, former Vice Minister of Finance Japan, Ambassador Wu Jianmin of China, Prof.
Jeffrey Lehman, former President Cornell University, USA and Mr. Tadakatsu Sano, former Vice Minister,
MITI, Japan.
About 150 leading thinkers, business leaders and senior
government officials met in Hong Kong on 8th and
9th December 2008 at the 4th Asia Economic Summit
organised by ASLI and Asia Society.
The opening session focussed on enhancing
competitiveness and the business environment and the
role of governments. Indonesia’s Trade Minister Dr Mari
Pangestu spoke about the need for policy, bureacratic
and institutional reforms. She said the crisis could be an
opportunity to re-prioritise and to push the envelope on
reforms. She stressed that over the next few years there
will be a greater role for governments but suggested this
should be temporary and should have a sunset clause.
Prof. William Miller of Stanford University and President
Emeritus of Stanford Research Institute stressed the
need to focus on the high tech economy and the need to
have very good university-industry collaboration as well
as to have good global linkages and to encourage risk
taking. Hong Kong’s Financial Secretary John Tsang
spoke about what the Hong Kong government is doing to
tackle the global financial crisis.
Chairman Hang Lung Group and Asia Society Hong Kong Centre Mr. Ronnie Chan, Chairman Singapore
Institute of International Affairs Simon Tay, Penang Chief Minister Lim Guan Eng and Dato Dr. Michael
Yeoh.
The session on Asia economic outlook saw presentations
by Prof Eisuke Sakakibara, Japan’s former vice minister
for Finance, Mr. Tony Tyler, CEO of Cathay Pacific and
Mr Soo-lik Keoy, Managing Director of Mizuho Securities.
Prof Sakakibara said the current crisis will be longer and
deeper than people expect. He does not see a bottom
and warn of the possible collapse of consumption. He
suggested Asian countries earmark 10% of their foreign
reserves for an Asian Monetary Fund.
The former Managing Director of the World Economic
Forum Claude Smadja felt this crisis is not the same
as previous crisis and suggested we need to be more
pessimistic about this crisis. He shared his analysis on
how China will play a role in the world economy. China
will seek a bigger role as rule setters in international
bodies like WTO and IMF. He argued that US and China
have common interests. Ambassador Wu Jianmin of
China’s Foreign Affairs University stressed that China
will never seek hegemony. He emphasised that the global
crisis calls for global solutions and the right agenda. He
felt the crisis is an opportunity to accelerate East Asia
Indonesia’s Trade Minister Dr. Mari Pangestu speaking at the
Summit.
Hong Kong’s Financial Secretary John Tsang speaking at the Summit.
An exchange between China’s Ambassador Wu Jianmin and Mr.
Claude Smadja former Managing Director World Economic Forum
moderated by Mr. Ronnie Chan.