HONG KONG — Key financial leaders and regulators from around Asia gathered at a two-day conference that began in Hong Kong on Wednesday, with participants trumpeting an economic power shift from West to East in the wake of the global financial crisis, despite growing concerns about a possible asset bubble in China.
The dominant theme at the annual Asian Financial Forum is China's growing economic power. Echoing the upbeat sentiment of many participants, Ronald Arculli, chairman of Hong Kong Stock Exchanges and Clearing Ltd., highlighted the "gradual economic gravity shift from West to East" in a speech at the start of the plenary session Wednesday.
"Today, Asia is leading the world in terms of economic recovery from crisis. And over the coming decades, the region's continued dynamism will give it an even greater role," said International Monetary Fund Managing Director Dominique Strauss-Kahn during the session.