Former U.S. vice presidential nominee Sarah Palin arrives at the check-in counter at Hong Kong airport Thursday. She addressed an annual conference of investors on Wednesday.

HONG KONG — Months after abruptly resigning as Alaska's governor, Sarah Palin resurfaced in Hong Kong more moderate in tone and better versed in international affairs, possibly laying the first brick for a 2012 White House bid.

In her first overseas speech Wednesday, the former vice presidential candidate touched on a wide range of issues — from financial markets and Afghanistan to China-U.S. relations and health care — before a room packed with more than a thousand investors and bankers at an annual investment conference.

"I'm going to call it like I see it, and I will share with you candidly a view right from Main Street, Main Street U.S.A.," Palin said, according to a video of part of the speech obtained by The Associated Press. "And how perhaps my view of Main Street ... how that affects you and your business."

While she displayed some of her trademark folksy charm, the fireworks from her debut speech at the Republican National Convention last year were apparently missing. So, too, was the sharp partisan edge of the politician who toured the country as Sen. John McCain's running mate. She appeared more moderate, did not attack President Obama directly and avoided any major gaffes, attendees said.

"She has learned and grown from the election," said Melvin Goode, a New York-based consultant who said he'd carried out some political polling for President Barack Obama.

The speech was closed to all media by the event's organizer, brokerage CLSA, which paid Palin an undisclosed fee.

After the AP reported on the speech, CLSA sent an e-mail to the AP threatening legal action about releasing any contents of Palin's address. Palin herself later posted a transcript of the speech on her Facebook page.

During her address, Palin argued for smaller government, calling for lower taxes and a private-sector solution to health care. She contended many average Americans were uncomfortable with health care reforms that infringe on private enterprise.

The speech marked Palin's first major appearance since she abruptly resigned her post as governor in July, and the location and international scope are seen as steps toward strengthening her credentials ahead of a possible bid for the presidency in 2012.

Palin said she believes the U.S. has a role to play in helping China define its future, while emphasizing that Washington will always push for greater freedom there. She urged China to become a responsible member of the global community and help bring a resolution to pressing problems related to Afghanistan, North Korea and other trouble spots.