Ailing Hong Kong needs more than band aid therapy

Petty solutions aren’t going to do it for Hong Kong, which stands to take a tremendous hit from the explosive Eurozone debt crisis.

Chief Executive Donald Tsang rang the alarm bells for Hong Kong at the Fifth Asian Financial Forum, saying the city urgently needs wholesale strategies that promote sustainable growth in light of another impending global economic downturn.

Tsang’s prescription for ailing Hong Kong: more infrastructure investment; promoting a more diversified business environment, attracting a wider variety of foreign firms to Hong Kong and enhancing Hong Kong's accessibility and potential as a capital-raising platform.

Despite the dangers faced by Hong Kong in the Eurozone debt crisis, Tsang claims the city can drive sustainable growth because of its sound economic environment.

The two-day Fifth Asian Financial Forum opened last Monday at the Hong Kong Convention and Exhibition Center. Its theme, "Asia: Driving Sustainable Growth,” focused on the opportunities in Asia, particularly the Chinese mainland. It also looked at the global economy and Asia’s role in contributing to sustainable growth.