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Hong Kong Government official presents Asian perspectives on economic crisis

06 Mar 2009

Secretary for Financial Services and the Treasury, Hong Kong Special Administrative Region Government, Professor K C Chan, will present his thoughts on tackling the Global Financial Crisis from an Asian perspective when he visits the University of Sydney today, Friday 6 March.

The primary purpose of Professor Chan's visit to Sydney is to meet with key Australian regulators and discuss ways of overcoming some of the current challenges being faced.

At the invitation of the Dean of the Faculty of Economics and Business, Professor Peter Wolnizer, Professor Chan will also take time during his trip to Australia to address a group of academics and industry leaders about the specific impact the crisis has on the Hong Kong economy and how it compares with the Asian financial crisis of ten years ago when the Hong Kong Stock exchange lost one quarter of its value.

"The financial tsunami originating from the sub-prime crisis in the United States has hit all major markets round the globe," said Professor Chan. "Its impact is still unveiling and affecting the global economy.  Hong Kong, as a small and the world's freest economy, is of no exception."

As part of his presentation, Professor Chan will discuss the growing trend of protectionism and financial mercantilism and where Hong Kong positions itself.

He will also question the legend of 'Nylonkong' - the colloquial name given to the three cities of New York City, London, and Hong Kong. These are cities said to be inseparably linked by a shared economic culture and Professor Chan will comment on whether this association is a help or a hindrance in the current economic climate.


Background on Professor

Before assuming the post of Secretary for Financial Services and the Treasury, Professor K.C. Chan was Dean of Business and Management of the Hong Kong University of Science and Technology (HKUST). Prior to joining the HKUST Business School in 1993, Professor Chan had spent nine years teaching at Ohio State University in the USA. Professor Chan received his bachelor's degree in economics from Wesleyan University and both his M.B.A. and Ph.D. in finance from the University of Chicago. He is specialized in assets pricing, evaluation of trading strategies and market efficiency and has published numerous articles on these topics.

Professor Chan held a number of public service positions including Chairman of the Consumer Council; director of the Hong Kong Futures Exchange; member of the Commission on Strategic Development, Commission on Poverty, the Exchange Fund Advisory Committee, the Hang Seng Index Advisory Committee, and the Hong Kong Council for Academic Accreditation. Professor Chan is also former President of the Asian Finance Association and former President of Association of Asia Pacific Business Schools.