Asia on the right foot to overtake the West in economic power (2)

09:24, May 26, 2011      

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It would not be easy for Asia to arrive at a common position, considering its diversity, but Sheng believed it is making progress.

One major effort, was the ASEAN+3 Macroeconomics Research Office or AMRO established to improving their response towards and relief on crisis.

"But certainly ASEAN+3 has achieved quite a lot in the last few years, working together in terms of trade, the idea of working together with swap arrangements, to formalize the Chiangmai initiatives into a more multi-lateral organization," Sheng said.

"The ASEAN+3 AMRO Asean monetary research office is the beginnings of the institutionalization of monetary cooperation, that is a good thing," he added, "it's not fully concretised yet, it's not yet an Asian bank for international settlement but it's a very good platform to debate and change views on how Asian countries can cooperation."

ASEAN+3 a dialogue process that combines South East Asian nations and China, South Korea and Japan, launched the Chiang Mai Initiative in 2000, with to a more efficient and less complicated bilateral currency swap arrangement a top priority.

AMRO was tasked to advance the execution of the Chiang Mai Initiative.

Local economies are also tapping in, Malaysia for example created the Asian institute of finance, an agency by the central bank and securities commission to strengthen the human capital in the financial sector.

"Malaysia has already created an institute of finance, which is a very important step that means the country is going to devote more resources to think tank to think about these issues, its a very good thing," Sheng told Xinhua.
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