International perspective goes hand in glove with a world city

THERE IS A TALE circulating in Central. At a private party not so long ago, a senior government official says to another guest: 'We don't really need the foreigners.' Just the remark of man who's had one too many glasses of vintage wine? Perhaps.

Yet reading the invitation list for the upcoming government summit on China's 11th Five-Year Plan, one can't help but wonder how telling is the tale.

Of the 33 business people and academics invited by the Chief Executive Donald Tsang, only two are from multinational corporations. In no way does the list reflect the international character of our business community.

With a few exceptions, the panel members' businesses and careers are based largely in greater China. Among them are property developers, four Executive Council members, senior managers of several government-appointed bodies, and academics. These home-grown worthies are supposed to provide answers to problems whose resolution will largely determine the city's fate. What happens to Hong Kong's vibrant financial services industry once China substantially lifts capital controls and makes the yuan fully convertible? How can Hong Kong benefit from the mainland's fast-growing demand for raw materials?

Expectations are low and not just because such talkfests often produce little of substance.

According to the government, the panel members were chosen based on two criteria - their knowledge of China and their status in their respective industries or professions.