Hong Kong has much to boast about in recent years, with economic indicators showing market capitalisation at an all-time high and growth peaking at 8.2% in the first quarter of 2006. As Hong Kong continues to flourish, the competitive dynamics at regional and global levels calls for attention - is Hong Kong well-equipped to sustain the current growth trends and continue to excel? This issue, entitled "The Road to Sustainable Growth", will look at these facts and figures and discuss the challenges behind.

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Mr Phillip Baldwin of Hong Kong Institute of Chartered Secretaries, Ms Christine Loh of Civic Exchange, Mr Chris Leung of DBS, Mr George Leung of HSBC, Mr Chan Tze-ching of Advisory Committee on Human Resources Development, Mr P O Mak of Hong Kong Institute of Human Resources Management, Professor Simon S M Ho of Hong Kong Baptist University and Professor Raymond So of Chinese University of Hong Kong talked to the Journal and shared their opinions and concerns in the cover stories.

To demonstrate its commitment to building up its securities market, the CSRC has introduced the three-tier rating system to wipe out some of the endemic flaws that plague the industry. Mr Fang Jian and Ms Annabella Fu at Linklaters explain how it works and how it will impact Hong Kong and Mainland markets in the China Focus Column.

During an interview with the Journal, Dr Roberta Wilton, President of the Canadian Securities Institute, presents her perspective on the role of the organisation and its responsibility to local and international standards.

Finally, as the Hong Kong government reviews options to address the current narrow tax base, a closer look at the broad based tax in the form of a GST is timely. Various impacts on the community and the financial industry in particular were discussed with reference to Singapore and Australia in the article "GST for Hong Kong?" in our Feature Column.