The Hong Kong Economic and Trade Office (HKETO) held a Chinese New Year reception at the Principe di Savoia Hotel in Milan on 10 February 2009. The reception was co-hosted by the Hong Kong Trade Development Council.

This was the 8th of 11 events the HKETO is hosting in major cities around Europe in January and February  to celebrate the start of the Year of the Ox.

After welcoming remarks by Mr Mario Boselli, Chairman of the Italian Hong Kong Association, Hong Kong's Special Representative for Economic and Trade Affairs to the European Communities, Miss Mary Chow, told guests that in the year ahead, the HKSAR Government would continue to focus all its efforts on maintaining financial stability and reinforcing Hong  Kong's reputation as a great place to do business in Asia.

Miss Chow noted that steps taken since the Asian financial crisis a few years ago, to shore up Hong Kong's financial markets through a more effective and transparent regulatory system and to improve the risk management of our banks, had helped to provide a solid basis to weather the current downturn.

She said the HKSAR Government had acted quickly to lessen the impact of the global financial crisis.  These included, inter alia, measures to help create more than 60,000 job opportunities this year, and the creation of a Contingent Bank Capital Facility to make available additional capital to banks should they require it.

All these measures would help regain confidence and restore the vigour of the Hong Kong economy once their effects would have filetered through, she added.