Asia holds a growing role in the post-crisis economy, with recovery more robust there than in the more fragile West.

Such was the consensus of opinion at the Asian Financial Forum (AFF) 2010, staged in Hong Kong last week and attracting more than 1,500 bankers, institutional investors, fund managers, regulators and senior executives from around the world.

Despite warnings that there is still much that could derail a global recovery, it is clear the rebound is in motion – led particularly by the Chinese mainland. During the AFF, Beijing announced that the mainland’s GDP had grown a robust 8.7 per cent in 2009. 

Dominique Strauss-Kahn, managing director of the International Monetary Fund, told the forum’s plenary session that 2009 "was a year of unity, where everybody came together to avoid something which could happen such as the Great Depression”.

But he said this year should be one of transformation: "Not only in the balance of power between east and west, but also transformation in terms of global co-operation. Working together, we can build something that is different from the kind of economy we had before. From this point of view, Asia has certainly a crucial role to play."

The forum was organised by the Hong Kong Government and the Hong Kong Trade Development Council.

Nouriel Roubini, Professor of Economics at New York University’s Stern School of Business, was among 60 distinguished speakers. He warned of a possible slowdown in the United States, Europe and Japan in the second half of this year, partly because "the ability of firms to cut costs is going to run its course".

But he added that the world had avoided a financial meltdown and said: "The recovery is certainly much more robust in Asia. It is a region that, because of its own financial macro and policy fundamentals, has a much better outlook for sustained long-run economic growth."