On March 6th, 2012, the Hong Kong Committee for Pacific Economic Cooperation (HKCPEC) and the Trade and Industry Department jointly held a seminar entitled "Changing Global Landscape - Tailing Effect of the Financial Crisis from a Regional Economic Cooperation Perspective". More than 100 members of the academic, business and government sectors attended.

Speaking at the seminar, the Chairman of the HKCPEC, Professor Sung Yun-wing, introduced the HKCPEC and its activities. He said that given the growing importance of regional co-operation, the HKCPEC had conducted a series of programmes, including Youth Learning Projects, workshops and seminars, to promote the understanding of regional co-operation matters to the general public.

Professor Sung said that it has been more than three years since the financial tsunami first broke out in 2008 and the tailing effects are still haunting the world economy.

The downgrading of sovereign debt ratings in advanced economies had changed the global landscape and was bound to affect Asia-Pacific regional economic co-operation. The seminar aimed to analyse the opportunities ahead and the challenges we are facing.

During the seminar, the Head (Economic Research) of Research Department of Hong Kong Monetary Authority, Dr Lillian Cheung, talked about the likely impacts for the Asia-Pacific region from the rising sovereign debt issues in the advanced economies and the possible remedies. The former Head of Research, East, Global Research of Standard Chartered Bank, Mr Nicholas Kwan, shared his views on challenges for the financial and banking sector in the region in the changing dynamics in the world economy.

The Principal Economist of the Office of Regional Economic Integration of the Asian Development Bank, Dr Song Lei-lei, analysed the implications of a changing global landscape from the economic perspective. The Professor of Economics and Director, Centre for Public Policy Studies of Lingnan University, Professor Ho Lok-sang, spoke about the financial crises and the US Dollar, in particular on how a reform of the international monetary regime would contribute to a more stable world. The Chairman of Shinhint Acoustic Link Holdings Limited, Mr Jacky Cheung, shared the successful experience of his company in going through the ups and downs of the past years.

The Principal Economist of the Economic Analysis and Business Facilitation Unit of the Financial Secretary's Office, Miss Elley Mao, moderated a panel discussion with the five speakers on how the financial crisis has affected economic co-operation in the Asia-Pacific region as well as the roles of the government, business and academic sectors.

The HKCPEC was established in March 1990 to co-ordinate Hong Kong's participation in the Pacific Economic Cooperation Council (PECC).