ID :
23150
Tue, 10/07/2008 - 17:29
Auther :
Shortlink :
https://www.oananews.org//node/23150
The shortlink copeid
CHINA SAYS CLOSE ASIAN COOPERATION NEEDED TO FACE FINANCIAL TURMOIL
By Tham Choy Lin
BEIJING, Oct 7 (Bernama) -- China said Asia's three biggest economies should maintain close communications to face the current financial crisis gripping the US and now, Europe.
China's Foreign Ministry spokesman, Qin Gang, said there was no arrangement
yet to bring forward a tripartite meeting of the finance ministers of China,
South Korea and Japan to speed up the creation of a US$80 billion fund with
Association of South-east Asian Nations.
"I believe this could be an initial proposal by the ROK side and needs
further discussion between the three countries," he said, referring to South
Korea by its official acronym.
"Under the current circumstance, China, Japan and ROK should maintain close
communications and coordination," he added.
China Premier Wen Jiabao said over the weekend China would maintain "steady
and fast growth" to help the world overcome the financial crisis.
The central People's Bank of China said Beijing was willing to cooperate
with the US and other economies to stabilise the international financial market.
South Korea's Deputy Finance Minister, Shin Je-Yoon, was reported as saying
Sunday Seoul planned to hasten a meeting of the finance ministers of South
Korea, Japan and China originally planned for May next year.
"It is necessary for the three countries to actively cooperate as the US
financial turmoil may spread to the rest of the economy. A possible speed-up of
talks on the US$80 billion fund will have a preventive effect," he was quoted
as saying.
The establishment of the fund was agreed in May among finance ministers of
the 10-member Asean grouping, China, South Korea and Japan as a 'firewall' in
the event of a regional financial crisis.
The three big Asian economies would contribute 80 per cent of the pool with
Asean making up the rest.
The exact contributions were not decided when the fund was announced on the
sidelines of the Asian Development Bank annual meeting held in Spain.
The fund replaces the existing bilateral currency swap arrangements known
as the Chiangmai Initiaive that was set up in 2000, also between the same
parties, after the Asian financial crisis a decade ago.
BEIJING, Oct 7 (Bernama) -- China said Asia's three biggest economies should maintain close communications to face the current financial crisis gripping the US and now, Europe.
China's Foreign Ministry spokesman, Qin Gang, said there was no arrangement
yet to bring forward a tripartite meeting of the finance ministers of China,
South Korea and Japan to speed up the creation of a US$80 billion fund with
Association of South-east Asian Nations.
"I believe this could be an initial proposal by the ROK side and needs
further discussion between the three countries," he said, referring to South
Korea by its official acronym.
"Under the current circumstance, China, Japan and ROK should maintain close
communications and coordination," he added.
China Premier Wen Jiabao said over the weekend China would maintain "steady
and fast growth" to help the world overcome the financial crisis.
The central People's Bank of China said Beijing was willing to cooperate
with the US and other economies to stabilise the international financial market.
South Korea's Deputy Finance Minister, Shin Je-Yoon, was reported as saying
Sunday Seoul planned to hasten a meeting of the finance ministers of South
Korea, Japan and China originally planned for May next year.
"It is necessary for the three countries to actively cooperate as the US
financial turmoil may spread to the rest of the economy. A possible speed-up of
talks on the US$80 billion fund will have a preventive effect," he was quoted
as saying.
The establishment of the fund was agreed in May among finance ministers of
the 10-member Asean grouping, China, South Korea and Japan as a 'firewall' in
the event of a regional financial crisis.
The three big Asian economies would contribute 80 per cent of the pool with
Asean making up the rest.
The exact contributions were not decided when the fund was announced on the
sidelines of the Asian Development Bank annual meeting held in Spain.
The fund replaces the existing bilateral currency swap arrangements known
as the Chiangmai Initiaive that was set up in 2000, also between the same
parties, after the Asian financial crisis a decade ago.
