"The challenges ahead of us are daunting. The damage 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.

"While the task force has a small membership and does not include representatives of every sector of the economy, I hope it can bring to us new perspectives. With experience and collective wisdom, members will come up with specific proposals for the Government and the relevant industry to consider and take forward. This will help us weather the storm and turn the crisis into an opportunity," he added.

Tsang will chair the task force's first meeting on November 3, while Financial Secretary John Tsang will be the deputy chairman.

David Burton, International Monetary Fund Asia & Pacific Department Head, has been invited to attend the first meeting to evaluate and update members on the global impact of the financial crisis.

Policy secretaries and officials will join the task force deliberations for specific topics.

The group will also assess the impact of the financial turmoil on the global and local economy, consider ways to respond and formulate a work plan for the coming months.

The persons named to the panel include: Mervyn Davies, Standard Chartered chairman; Dr Victor Fung, chairman of Li & Fung group of companies, Greater Pearl River Delta Business Council and International Chamber of Commerce; Prof Lawrence Lau, Chinese University of Hong Kong Vice-Chancellor and President; KC Leong, Roctec Futures Trading Company chairman and former Hong Kong Futures Exchange chairman; Margaret Leung, HSBC Global Co-Head Commercial Banking Group General Manager; Ayesha Macpherson, KPMG Partner; Dr Stephen Roach, Morgan Stanley Asia chairman; Shih Wing-ching, Centaline (Holdings) Company chairman and member of the Estate Agents Authority and the Housing Authority; Dr Patrick Wang, Chairman and Chief Executive Officer of Johnson Electric Holdings and Hong Kong Applied Science & Technology Research Institute chairman; and, Mathias Woo, Zuni Icosahedron Executive Director.