9th international convention of East Asian Economic Association held in HK

Representatives of the economic field discussed the topic "China's Globalizing Economy and the Future of Hong Kong" at the 9th International Convention of the East Asian Economic Association Sunday.

Speaking at the convention, government economist of the Hong Kong government Kwok Kwok-chuen said that key concerns of the evolving trends in the Chinese mainland include the rising affluence of the consumers which forms a substantial power of the development of the market.

When talking about the future of Hong Kong, Kwok said that Hong Kong could make use of its position as an international financial and business center, the business and financial capital, people, and experiences to help the development and change of the mainland's economy.

Kwok said the future development direction of Hong Kong would be to integrate with Pearl River Delta, and then reach out to other parts of the mainland.

Chief Economist of Hong Kong and Shanghai Banking Corporation George Leung said the future of Hong Kong was still optimistic due to the work done by the Hong Kong government as well as other circles.

He said both labor and capital market mobility were necessary to eliminate structural economic problems, and Hong Kong is now moving toward this direction under the experiment of CEPA.

He also said that Hong Kong remains a cooperative place in international finance and wealth management while the availability and the convertibility of Renminbi becoming the crucial factor.

The East Asian Economic Association was established in 1987 as the first international academic organization to focus on the economics of East Asia. The convention is held once every two years.