'Black Swan' author praises HK

PUBLISHED : Monday, 28 September, 2009, 12:00am
UPDATED : Monday, 28 September, 2009, 12:00am

The city's financial system has proven to be robust enough to withstand the financial crisis that started last year, says Professor Nassim Nicholas Taleb, author of The Black Swan.

The Lebanon-born and US-based professor complimented Hong Kong's dynamic and hard-working labour force, substantial financial reserves and low level of government debt, which he said were important factors.

Taleb will give a talk entitled 'The Black Swan Risks Are Still With Us' at a conference organised by the Central Policy Unit (CPU) today.

Taleb told the South China Morning Post that that despite the US government's economic stimuli and massive bailout of banks and large enterprises over the past year, its financial system remained fragile as the level of debts had not been reduced. He said with increasing globalisation, the impact of significant but unpredictable events, which he describes as 'Black Swan events', would be increasingly stronger.

The CPU conference, on 'the global and China's economy and Hong Kong's future development', aims to assess the global macro-economic situation and explore the future development of the mainland.