Hong Kong to receive timely visit by US Treasury undersecretary

PUBLISHED : Friday, 17 October, 2008, 12:00am
UPDATED : Friday, 17 October, 2008, 12:00am

The US Treasury Department's undersecretary for international affairs, David McCormick, is to visit Hong Kong next week at a time when Washington and European governments have joined forces to ease the global financial crisis.

Dr McCormick, principal adviser to US Treasury Secretary Henry Paulson, will touch on the thorny issues raised by the crisis in a speech on Wednesday.

The Better Hong Kong Foundation and the Asia Society are jointly organising the event with media partners the South China Morning Post, The Economist and Caijing magazine.

The foundation's executive director, Karen Tang, said the event would offer a timely opportunity for business and political leaders to share their thoughts on the unfolding events.

'Hong Kong as an international financial centre, cannot be immune from the influence of the financial challenges happening around the world,' she said.

'I hope that the talk by Mr McCormick ... can give us some thoughts about the real causes of the whole problem and insights on the way forward in this state of financial turmoil.'

Dr McCormick advises Mr Paulson on international economic issues and oversees US investment policies, international finance, trade in financial services and economic development.

He also leads US co-ordination of financial market policies with the fellow Group of Seven industrialised countries. The former army officer was chief executive of FreeMarkets and Ariba, two publicly traded software firms.

He will deliver a lunch speech at the Renaissance Harbour View, Wan Chai.