More recently, the current financial crisis serves as a reminder that some aspects of market development may be taken too far, where, for example, they privilege the process of intermediation and neglect the financial and economic realities that lie behind it. The caution inculcated by the Asian financial crisis, and a natural conservatism in many markets in this region, seem to have helped us avoid the worst excesses we have seen in more developed markets. Looking more positively to the future, this region is poised to become the centre of economic growth and wealth creation in the world. Indeed we are already a long way down that path. So far, a great deal of the wealth created has been diverted into markets elsewhere in the world. Market development in this region, on a foundation of efficient infrastructure and sound regulation, will help retain more of that wealth for investment within the region. This evening‘s gala event celebrates the 40th anniversary of one of the world’s foremost financial publications. It is therefore only proper to say something about the vital role of the media in financial market development. The media can, I think, be seen as a kind of complementary, parallel infrastructure to the financial infrastructure that I have briefly described. The media are, of course, more visible, and much more diverse, but they also make use of similar technologies, whether advanced or traditional, and at various points they intersect with the financial infrastructure.
Modern markets are, in fact, dependent on the media, whether in their provision of real-time information second by second, or in the more reflective analysis of market trends, or in the exposure of scandals and malpractices. It is no coincidence that Hong Kong is both a financial centre and a world media centre. At least seventeen international news agencies, 29 international or regional newspapers, and another 29 magazines have a presence in Hong Kong, and all of them have some interest in financial affairs. We have 45 daily newspapers printed in Hong Kong and no fewer than 661 registered periodicals. Now, of course, some of these publications are what are known as ma ging (馬經) or racing papers, and not all of them have their dedicated financial pages. Even so, Hong Kong is remarkably well served by the financial media, and one thing that has never ceased to impress me during my sixteen years as Monetary Authority has been the quality and dedication of the many people in Hong Kong who make up the financial media. The many colleagues in the media play an extremely important part in the development of financial markets, and I should like to pay tribute to their professionalism.