More than a thousand people crowded the halls of the Business School yesterday for the beginning of the 1997 Harvard Asia Pacific Business Conference, which focuses on the approaching reversion of Hong Kong to the People's Republic of China.

High-ranking dignitaries from numerous Asian countries converged with Harvard's top professors of Asian affairs to discuss economic and political changes currently underway in Asia.

Edgar Wai-Keng Cheng, chair of the Hong Kong Stock Exchange, kicked off the conference with a keynote address entitled, "Hong Kong's Financial Market Post 1997."

Cheng also participated in a panel discussion on the status of Hong Kong after 1997.

Other panelists included Sir Robin McLaren, former British ambassador to the People's Republic of China and Ezra F. Vogel, Ford professor of the social sciences.

All three panelists took a "wait-and-see" approach to Hong Kong's reversion to China, but remained optimistic that it would be non-violent.

Vogel said that one should not fear China's military power because the military has played less of a political role and more of a professional one in recent years.

McLaren portrayed China as a country eager to seize the economic advantages offered by the West.

McLaren said that Hong Kong "must keep up standards of [the] English language [because] Shanghai is rapidly moving up in English language skills."

However, Cheng maintained that Hong Kong's financial institutions are superior to China's and reassured investors that Hong Kong will remain a center of trade.

McLaren predicted that Hong Kong will also retain a separate regulatory system.

Queen's Counsel and former Hong Kong Bar Association Chair Jacqueline Leong said she feels this autonomy is necessary if peaceful reversion can occur.

"Hong Kong has defined separation of powers but China doesn't," she said.

Today's panels will focus on economic opportunities for Asian countries, including Vietnam, Korea, Taiwan, Japan, China and India.

The conference ends today with an imperial banquet and 1920's ball at the Boston Park Plaza Hotel