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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.
THE 4TH ASIA ECONOMIC SUMMIT Country Heights Founder Tan Sri Lee Kim Yew, President Lippo Group Stephen Riady and Metro Kajang Group Managing Director Datuk Eddy Chen. CEO HSBC Asia Pacific Mr. Sandy Flockhart, Ms Sarah Liao Hong Kong’s former Secretary for Environment and Public Works and Ms. Christine Loh, CEO Civic Exchange, Hong Kong. CEO Cathay Pacific Mr. Tony Tyler, Ms. Soo Lik Keoy and Prof. Eisuke Sakakibara former Vice Minister of Finance Japan. Indonesia’s Trade Minister Dr. Mari Pangestu, Stanford University’s Prof. William Miller and Dato Dr. Michael Yeoh. community building. Mr Toyoo Gyohten, Japan’s former Vice Finance Minister suggested that Asia needs its own currency either like the Euro or a basket of currencies. Asia needs open, robust, competitive capital markets. He stressed Asia needs a new business model focussed on trust and modesty. Other sessions discussed were on private equity in China and Asia, climate change and the environment, Asia’s property market, corporate governance and CSR, meeting Asia’s infrastructure development, and how Asia can have a sustainable future. Other speakers included Sandy Flockhart; CEO HongKong and Shanghai Bank; Dr Sarah Liao, former Secretary of Environment and Public Works Hong Kong Government; Stephen Riady, President Lippo Group Indonesia; Tan Sri Lee Kim Yew, Deputy Chairman and Founder, Country Heights Group Malaysia; Mr Lim Guan Eng, Chief Minister Penang; Ronald Arculli, Chairman Hong Kong Exchanges; Mr CY Leung, Member Hong Kong Executive Council; Andrew Brandler, CEO CLP Holdings; Dr Fu Yu Ning, President China Merchants Group; Mr Martin Craigs, President Pacific Basin Economic Council and Mr. Ian Buchanan Senior Executive Adviser, Booz & Co, Australia. The conference was sponsored by Hang Lung Group, Better Hong Kong Foundation, Petra Group and Cathay Pacific. The Chairman of the Hong Kong Stock Exchange Mr Ronald Arculli warned that the worst of the financial crisis is yet to come. “We are sitting right at the heart of the crisis, the volatile market and credit crunch may last for some time”. However, Ronnie Chan Chairman of Asia Society and Hang Lung Group said the winter will pass. In the concluding session Penang Chief Minister Lim Guan Eng said Penang will be turned from a sweatshop to smart shop. Mr CY Leung a member of Hong Kong’s Executive Council said Asia should not waste a good start and should focus on a new shared vision. Finally there was a consensus that Asia should take the lead in climate change and should focus on sustainable development initiatives including moving towards a low carbon economy. Mr. Stuart Dean, Mr. Martin Crawford, Dr. Fu Yu Ning, President China Merchants Group and Mr. Ramakrishnan of Bajaj Group India. Dato Dr. Michael Yeoh, Mr. Ian Buchanan, Mr. Mirzan Mahathir & Prof. William Miller. Hong Kong Stock Exchange Chairman Mr. Ronald Arculli speaking during lunch.
Page 1 and 2: Vol 1 2009: January - June PP 8307/
Page 3 and 4: NATIONAL SUMMIT ON URBAN POOR & LOW
Page 5 and 6: THE 13TH MALAYSIAN CAPITAL MARKET S
Page 7: WORLD SUSTAINABLE PALM OIL CONFEREN
Page 11 and 12: MALAYSIA-INDIA STRATEGIC DIALOGUE T
Page 13 and 14: EVENTS HIGHLIGHTS Dato Sri Mohd Naj
Page 15 and 16: NATIONAL TOURISM FORUM 2008 Dato Sr
Page 17 and 18: NATIONAL PROPERTY & HOUSING SUMMIT
Page 19 and 20: CSR & SUSTAINABILITY BUSINESS CONFE
Page 21 and 22: Strategic Issues Forum (SIF)/Corpor
Page 23 and 24: THE 5TH NATIONAL UTILITIES SUMMIT D

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