Hong Kong has proposed new measures for regulating massive international capital flows to reduce the risk of economic crises.
Financial Secretary Donald Tsang called on industrialised nations to address immediately the 'crisis of confidence' eroding the global financial system.
He urged that the rules of global capital flows to increase regulation and supervision of banks, hedge funds and other international investors be rewritten.
He said: 'The financial markets are looking to us for leadership and decisions. The jury is out there.
'There will be angry markets awaiting us if nothing substantive emerges by the time we leave Washington.' The Group of 22 - G7 nations plus 15 others - gathered to consider a 'new architecture' for the global economy and economic crises.
The group considered three reports covering transparency and accountability; strengthening financial systems; and international financial crises.
