Finance Ministers of ASEAN, China, Japan, ROK Meet in Shanghai

Finance ministers of the ten members of the Association of Southeast Asian Nations (ASEAN) and China, Japan and the Republic of Korea gathered in Shanghai Friday afternoon for the fifth finance ministers' meeting of the ASEAN "ten plus three" group.

The meeting, held on the sidelines of the 35th annual board meeting of the Asian Development Bank (ADB), discussed global and regional macroeconomic situations and ways to cement financial cooperation in East Asia, and produced a ministers' joint statement.

Chinese Finance Minister Xiang Huaicheng announced that China would continue to provide technical assistance to other members of the ASEAN "ten plus three", and would sponsor seminars to present China's experience in economic reform and development.

In another effort to push ahead with financial cooperation within the ASEAN "ten plus three" framework, the Chinese government would hold a symposium on short-term capital flow in Beijing this October, said Xiang.

Most finance ministers attending the meeting showed a restrained optimism towards the global and regional economic situation. All believed that Asia's economy slowed down in 2001, affected by the exterior economic environment, and that uncertainties still existed despite signs of improvement since the start of this year.

However, they vowed to continue with a robust economic policy, push ahead with economic restructuring and cement cooperation in the ASEAN "ten plus three" framework.

The meeting has reported positive results since it was first held in Manila, capital of the Philippines, in April 1999.

The May 2000 meeting agreed on the landmark Chiang Mai Initiative, which aims to help its members maintain currency stability and prevent financial crises through a network of bilateral exchange and repurchase agreement facilities among ASEAN members, China, Japan and the Republic of Korea.

To date, members of the "ten plus three" have signed six agreements, involving a total of US$17 billion.

( May 11, 2002)