Asia's first staging of a World Golf Championship event is another sign that the region has arrived on the global stage, says Asian Tour Executive Chairman Kyi Hla Han.

This week's WGC-HSBC Champions will take its place as the most lucrative tournament across the region and will boast a stellar field which includes world number one Tiger Woods, second-ranked Phil Mickelson and title holder Sergio Garcia.

Asia's top stars Jeev Milkha Singh and Thongchai Jaidee will spearhead the region's chase for glory at Sheshan International Golf Club starting on Thursday.

"Being the first World Golf Championship event to be staged in Asia, it shows the growing trend in golf's market place. The elevation in stature of the HSBC Champions is a wonderful recognition for the game in Asia as we have come a very long way in producing great events and also great champions," said Han.

"The Asian Tour would like to thank HSBC for its outstanding support towards professional golf."

He added that the increase in prize fund to US$7 million this week was also another indication that the sponsorship dollar was getting stronger around the world, especially in the region which was hit by the financial crisis.

"It shows that sponsorship is very healthy despite the challenging times that we've faced with the economy over the past 18 months. This will generate a lot of confidence going into 2010 and beyond and it is a very positive development for the golf industry, including the Asian Tour," he said.

Han believes that Asia's top stars will relish at the opportunity of challenging the world's best players and believes that Yang Yong-eun's triumph at the PGA Championship, where he beat Woods to become Asia's first Major champion, has taken down all barriers that previously prevented Asians from thinking they could win on golf's biggest stage.

"The opportunity to play against an international field in Shanghai will greatly enhance our players," said Han.

"I believe this significant development will have a huge and positive impact for the game here as sponsors now clearly recognise the value of professional golf in Asia and the Asian Tour," he added.