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HKMA launches 'Distinguished Lecture' series
The first Hong Kong Monetary Authority (HKMA) Distinguished Lecture was held today (Tuesday) attracting nearly 400 participants.
The President and Chief Executive Officer of the Federal Reserve Bank of New York, Mr William McDonough, was the inaugural speaker for the HKMA Distinguished Lecture.
Speaking on "Asia and the World Economy - A Central Banker's Perspective", Mr McDonough offered his perspective on development of Asia's high-growth economies over the last two to three decades.
He highlighted the implications of the Asian experience for achieving sustained growth in living standards, while maintaining economic and financial stability. He also emphasised the role of market forces, international competition and appropriate policies for macro-economic management,
"The most compelling lesson of the recent Asian experience is that economic development must rely heavily on competitive market forces but that markets do not operate in a vacuum and cannot do everything. The government has a substantial and irreplaceable role in the development process," said Mr McDonough.
"The popular dichotomy of state intervention versus laissez-faire is a false one. Indeed, the experience of Asia's high growth economies tells us that when markets and governments work in harness, the results can be spectacular," he added.
Deputy Governor of the People's Bank of China (PBoC), Mr Chen Yuan, concurred with Mr McDonough's view and added that the Asian success was brought about by responsible governments, openness to trade, improved managerial and technical know-how as well as advancement in productivity.
Mr Chen was the HKMA Distinguished Lecture's discussant.
"At the heart of the drive for the deepening of economic reforms and market liberalisation is our desire, which the Asian economies all share, for stability and steady growth," said Mr Chen.
"We are keenly aware of the inherent volatilities associated with a market economy. This explains why Chinese reforms, like most Asian reforms, are taken on a 'gradualist' approach."