More than 200 leading economic scholars, Nobel Prize winners, business leaders and policy makers from around the world will gather in Hong Kong from Thursday to Saturday to discuss the most vital economic and social challenges facing society.

This is the first time since the foundation of the Institute for New Economic Thinking (INET) in 2009 that its annual conference is held in Asia.

INET Executive Director Robert Johnson said at a press briefing on Wednesday that against the backdrop of Asia's rising importance in the global economy, INET views Hong Kong as a fitting location for this event.

"Considering the significant contributions China and Asia are making to the global economy, it's essential that we initiate a vigorous dialogue about new economic ideas here. Asian leaders will be principal architects in the global economic system of the future," he said.

Commenting on the Chinese economy, Yu Yongding, member of the Chinese Academy of Social Sciences, told reporters that inflation and property bubbles are seen since its recovery form the fourth quarter of last year. Regulation and control policies have been implemented to restrain such bubbles, which also cause the slowdown of economic recovery.

Yu believed there will be no hard-landing for Chinese economy this year but the growth rate might be slower than expected.

The INET is a New York City-based economic research and education foundation designed to broaden and accelerate the development of a new field of economic thoughts that will lead to the real-world solutions to the great economic and social challenges.

Titled "Changing of the guard?" this year's annual conference will focus on crucial global issues with topics including "Growth Adjustment and Convergence in Asia: The Challenge Ahead," "The RMB and the Future of Asian Finance."