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EVENT

Dialogue with Leader

Luncheon with David McCormick, Under Secretary of the U.S. Treasury Department

2008.10.22

Organised by the Better Hong Kong Foundation (the Foundation), Mr. David McCormick, Under Secretary for International Affairs of the U.S. Treasury Department delivered a luncheon speech entitled “Financial Turmoil in Perspective” at the Renaissance Harbour View Hotel in Hong Kong on 22 October 2008. More than 300 audiences who are professionals from financial and banking sectors, insurance and properties industries, academic and the government, etc attended the luncheon and exchanged their views with Mr. McCormick on the recent global financial crises and the way forward.

After a warm welcome given by the Foundation’s Executive Director Ms. Karen Tang and an introduction by Mr. Ronnie Chan, Chairman of the Executive Committee of the Better Hong Kong Foundation, Chairman of the Asia Society Hong Kong Center and Chairman of Hang Lung Group, Mr. McCormick began his speech by saying that no countries in the world could immune from the recent global financial stress as well as the destabilizing financial markets caused by diminishing market confidence. To address the instability and restore the health of the world economy, Mr. McCormick urged that the whole world must work together to achieve these goals.

Mr. McCormick also shared his views on the root cause of the market turmoil, the measurements that the United States are taking to mitigate risk as well as to stabilize the markets, and suggested some possible early lessons for both the United States and China. Four emerging themes have been suggested by Mr. McCormick, namely the reformation of US financial system, development of domestic market, anti-protectionism and the continuation of cooperation among government around the world. Although the interdependence of the global economy has made the current challenges more complex, Mr. McCormick believed that the challenge would be overcame with the joint effort of the leaders around the world.

In the Q&A session, most of the audiences asked how the US government could ensure its actions taken in dealing with the current turmoil be an effective one and how the upcoming new US administration will carry that forward. The discussion amongst Mr. McCormick and the audiences was definitely a fruitful and constructive one. It was truly a rewarding experience for the Foundation’s members and for all other audiences.

At his introduction, Mr Ronnie Chan commended the US government that it has been wise in inviting experienced experts from business who really understand the market. Good examples include Mr David McCormick and Mr Henry Paulson. Ms Karen Tang explained that the luncheon has been planned for more than a year and it turned out to be at the perfect timing. She thanked Asia Society for co-organising the event and thanked the media partners Economist, South China Morning Post, and Caijing Magazine for supporting the event and making it a success.

Amongst the audiences, the Better Hong Kong Foundation members attended include:
– Tan Sri Dato’ David Chiu, Deputy Chairman of Far East Consortium International Ltd,
– Dr Roy Chung, Vice Chairman of Techtronic Industries Co Ltd,
– Mr. Thomas Woo, Executive Managing Director & General Manager of Hsin Kuang Restaurant (Holdings) Ltd,
– Ms Winnie Ng, Director of the Kowloon Motor Bus Co Ltd,
– Dr Gerald Chow, Executive Director of Chow Sang Sang Holdings International Ltd,
– Ms Judy Yu-Hong, Managing Director of Carsac Ltd,
– Mr. Joseph Yu, Chairman of Roseville Group of Companies, and
– Mr. Albert Ip, Managing Director of Investment, Pac Rim, Merrill Lynch (Asia Pacific) Ltd.

Other guests include:
– Mr. Joseph Donovan, U.S. Consul General, Mr. Christopher Marut, U.S. Deputy Consul General,
– Mr. Zhan Yongxin, Deputy Commissioner of the Commissioner’s Office of China’s Foreign Ministry in the HKSAR,
– Dr. Edgar Cheng, Council Chairman of the Chinese University of Hong Kong and Chairman of the World-Wide Investment Co Ltd,
– Prof Lawrence Lau, Vice-Chancellor of the Chinese University of Hong Kong,
– Mr. Douglas Woo, Acting Managing Director of Wheelock Properties (Hong Kong) Ltd,
– Dr. Gerald Chan, Non-Executive Director of Morningside Group, etc.

The Asia Society was the co-organiser of the event. And the media partners included the Economist, the South China Morning Post and Caijing.

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Over 300 people attended the luncheon presentation on 22 October 2008.


Mr. Ronnie Chan, Chairman of the Executive Committee of the Foundation introduced the honorable speaker Mr. David McCormick to the audience.


Mr. David McCormick shared with the audiences his views on the recent global financial turmoil and the way forward.


The Foundation’s Executive Director Ms. Karen Tang gave a warmest welcome to Mr. McCormick.


Questions from the audience were flooding into the Q&A session.


Mr. Tom Easton, Asia Business Editor of the Economist was the moderator of the Q&A session.


Mr. McCormick was paying his full attention to the questions from the floor.


Ms. Karen Tang presented a souvenir to Mr. McCormick as a token of appreciation.


(R to L) Mr. Ronnie Chan, Mr. David McCormick, Mr. Tom Easton and Ms. Karen Tang.


The Foundation’s Council Members Dr. Roy Chung (2nd left) and Mrs. Judy Yu-hong (1st right) attended the luncheon to show their support.


(L to R) Mr. Albert Ip, Council Member of the Foundation, Mr. Christopher Marut, U.S. Deputy Consul General Hong Kong, Tan Sri Dato’ David Chiu, Trustee of the Foundation, Mr. Joseph R Donovan Jr., U.S. Consul General Hong Kong, Dr. Roy Chung, Council Member of the Foundation, Mr. Zhan Yongxin, Deputy Commissioner of the Commissioner’s Office of China’s Foreign Ministry in the HKSAR and Prof. Lawrence Lau, Vice-Chancellor of the Chinese University of Hong Kong.


(R to L) The Foundation’s Trustee Tan Sri Dato’ David Chiu, Ms. Winnie Ng and Mr. Albert Ip, Council Members of the Foundation.


(L to R) Mr. Albert Ip, Council Member of the Foundation, Mr. Zhan Yongxin, Deputy Commissioner of the Commissioner’s Office of China’s Foreign Ministry in the HKSAR, Ms. Karen Tang, Executive Director of the Foundation, Prof. Lawrence Lau, Vice-Chancellor of the Chinese University of Hong Kong, and Dr. Edgar Cheng, Council Chairman of the Chinese University of Hong Kong and Chairman of the World-Wide Investment Co Ltd.


The Foundation’s Council Members Mrs. Judy Yu-hong and Mr. Joseph Yu (1st right) thanked Mr. McCormick after the luncheon.