Donald Tsang, the Chief Executive of Hong Kong Special Administrative Region (HKSAR), appointed a 12-member taskforce on Tuesday to deal with the challenges posed by the global financial crisis.

Tsang will chair the first meeting of the Task Force on Economic Challenges next Monday while John C Tsang, the Financial Secretary of HKSAR government, will serve as deputy chairman.

David Burton, the head of the Asia and Pacific Department of the International Monetary Fund, is to brief members of the Task Force with the update and evaluation of the global financial crisis at the first meeting. The Task Force will seek to make a preliminary assessment of the impact of the financial tsunami on the global and local economy and formulate a work plan for the coming few months.

"The challenges ahead of us are daunting. The damage that the financial tsunami has inflicted on the global economy has yet to be fully revealed. We need to evaluate the situation, consider ways to respond, identify new opportunities, and ultimately enhance our international competitiveness," Tsang said.

The taskforce includes members from different sectors, including Chairman of the Standard Chartered PLC Mervyn Davies, Group General Manager of HSBC Margaret Ko Leung, Partner of KPMG Ayesha Macpherson, and Chairman of Morgan Stanley Asia Stephen Roach.

(Xinhua News Agency October 28, 2008)