Standard Chartered Bank is calling on Asian governments to take decisive and co-ordinated action to expand their economies to prevent the region's contraction dragging more economies into trouble. The bank estimated Hong Kong had lost about HK$4.3 trillion on its stock and property markets - more than three times the SAR's gross domestic product last year. About US$2 trillion had been wiped off the region's stock markets alone, the bank said. In the latest issue of its bimonthly economic newsletter Greater China Viewpoints, the bank said the size and impact of the region's crisis was so far-reaching it was increasingly likely to develop into a worldwide problem if not handled properly. The bank believes Japan and China should be co-ordinating and taking the lead in reflating the region. For the mainland, the bank said yuan stability was a key element in preventing more currency crises. Standard Chartered said the region's recovery should not be modelled on Mexico's experience in 1995. 'While Mexico had 85 per cent of its exports going to the United States whose growth momentum was picking up in 1995, most Asian countries have half of their exports going to other parts of the region.'