Mr Woo admitted he was no financial expert.

Announcing the 10-member taskforce, which was a key measure in his recent policy address, the chief executive said the group would make a preliminary assessment of the impact of the crisis and formulate a plan for the next few months.

Mr Tsang will serve as chairman.

'The challenges ahead of us are daunting,' he said. 'The damage that the financial tsunami has inflicted on the global economy has yet to be fully revealed.

'We need to evaluate the situation, consider ways to respond, identify new opportunities and ultimately enhance our international competitiveness.'

While admitting the small membership of the taskforce did not include representatives from every sector, Mr Tsang hoped the group, with Financial Secretary John Tsang Chun-wah as vice-chairman, would be able to bring in new thinking.

'With their experience and collective wisdom, members will come up with specific proposals for the government and relevant industries to consider and take forward. This will help us weather the storm and turn crises into opportunities.'

Banking and finance sector representatives in the taskforce include Standard Chartered chairman Mervyn Davies and Stephen Roach, chairman of Morgan Stanley Asia, while Lawrence Lau Juen-yee, vice-chancellor of Chinese University, will bring his expertise as an economist.

Those with a commercial background include Victor Fung Kwok-king, chairman of the Li & Fung group, and Shih Wing-ching, chairman of Centaline property agency.

Mr Tsang denied Mr Woo's appointment was to gauge views from the creative industry sector, which has also been affected by the meltdown.

Mr Shih warned: 'The people should not look at the taskforce as a beacon that will lead everyone to salvation. It will already have been a success if it can find out any current wrong policies the government has made and correct them,' he said.

Mr Woo said that although he was not a financial expert, economics and culture were related.

'I am not sure whether I will understand all the economic problems in the taskforce, but I will try to make suggestions using the perspective of a common citizen. I know what they think because I am a person who travels on buses,' he said.

Civic Party leader Audrey Eu Yuet-mee questioned why Mr Tsang had failed to appoint representatives of small and medium-sized enterprises to the taskforce, as this was one of the sectors most heavily affected.

She also questioned whether the taskforce, which will have its first meeting on Monday, could come up with quick and effective remedies to the problems. 'It has to move fast in time of crisis,' she said.

Elite squad

The other members

Mervyn Davies

Chairman of Standard Chartered Plc

Margaret Leung

HSBC group general manager and global co-head of commercial banking

Shih Wing-ching

Chairman of Centaline property agency

Patrick Wang

Chairman of Applied Science and Technology Research Institute

Mathias Woo

Executive director of arts group Zuni Icosahedron

Victor Fung

Group chairman of Li & Fung group of companies; chairman of International Chamber of Commerce

Lawrence Lau

Vice-chancellor and president of Chinese University

Stephen Roach

Chairman of Morgan Stanley Asia

Ayesha Macpherson

KPMG partner

K.C. Leong

Former chairman of Hong Kong Futures Exchange