Hong Kong - Hong Kong's leader Wednesday announced the setting up of a task force to monitor the impact of the global economic crisis and find ways to tackle it.

Chief Executive Donald Tsang said the body, which he will chair, will comprise top government officials along with financial experts, economists and representatives of major industries.

The task force will meet regularly to monitor the ongoing impact of the global financial crisis and propose ways for the government and business community to address the challenges, Tsang announced in his annual policy address speech Wednesday.

"The financial tsunami we now face is a global crisis," Tsang said. "Its destructive force is much stronger and more widespread than the Asian financial turmoil in 1997.

"The recovery will take longer, be more difficult and certainly cannot be taken lightly."

Tsang told the former British colony's legislators: "Hong Kong people should stand united in vigorously pursuing economic development.

"To prepare for the challenges ahead, I will soon establish and chair a task force to continually monitor and assess the impact of the financial tsunami on local and global markets."

The chief executive said he believed the task force would be able to "provide timely evaluation of its impact on the local economy and our major industries during this trying period."

Hong Kong's Hang Seng Index has fallen sharply since the onset of the global financial crisis, fluctuating at around half the level it stood at when it peaked in October 2007. (dpa)