The enhanced regional cooperation in East Asia boosts the trade,
economic and investment links among ASEAN plus three members, and
has expedited regional economic integration, Chinese Finance
Minister Jin
Renqing told a regional conference in Manila on Thursday.
"Taking the trade of China with ASEAN countries, Japan and Korea
as an example, the trade volume has been expanding for several
years," Jin made the remarks at the one-day ASEAN plus three
Finance Ministers' Meeting, which also involved his counterparts
from the 10 ASEAN members as well as Japan and South Korea.
"After sealing a rapid growth in 2002, China also stepped
another big stride forward in trade with Japan, Korea and ASEAN
countries, striking growth rates of 36 percent, 44 percent and 45
percent," Jin added.
"When the world economy is fluctuating, the economic and trade
cooperation among ASEAN plus three members has played an increasing
role in promoting economic stability and growth in Asia, " Jin
explained, adding, "Under the concerted efforts by the Asian
countries to actively making economic restructuring, exploring the
domestic and regional markets, and promoting the trade and
investment facilitation within the region, the economy in Asia will
overcome the lackluster global environment, regain greater vigor
and bring about new economic miracles."
Jin also said that China supports the Asian Bond Market
Initiative which accords to the regional interest, and that it
stands ready to actively participate in various researches and
cooperation in this regard.
The regional bond market will go through three stages: firstly,
self-improvement of domestic bond market by the member countries;
secondly, opening domestic bond markets wider to other members so
as to facilitate the gradual integration of individual markets: and
finally, forging a single regional market, Jin elaborated.
"Presently, only a few members have entered into the second
stage, while most members are still on the way to fulfill the
first, representing the biggest obstacle for the establishment of
Asian Bond Market. Therefore, we should focus our next-step efforts
on the improvement of domestic bond market," Jin noted.
Jin also believed that the participants in the Asian Bond Market
include not only government agencies but also issuers, investors
and intermediaries in the private sector. With the constant
development and integration of the economic and financial system in
Asian countries, a vibrant Asian Bond Market will finally come into
being.
China is "very pleased" to see that significant progress has
been achieved in implementing the Chiang Mai Initiative, Jin said,
adding that the bilateral currency swap network promoted by the
Initiative will positively contribute to the regional financial
stability.
"More importantly, it demonstrates the strong political will and
determination of the East Asian countries to jointly strive for
self-improvement," Jin concluded.
(China Daily August 9, 2003)