Deepened China-ASEAN cooperation to safeguard financial stability

Email|Print|Comments       twitter     facebook     Sina Microblog     reddit    

NANNING, Sept. 5 -- Although some Southeast Asian markets have recently been jolted by global volatility, deepening financial cooperation between China and the Association of Southeast Asian Nations (ASEAN) could become a mainstay of growth and financial stability, according to economists attending the 10th China-ASEAN expo (CAEXPO).

Speculation of a new round of crises has bloomed since August, with capital outflows and tumbling stock markets in some emerging economies - notably Indonesia - in anticipation of the end of quantitative easing in the United States.

China and ASEAN need various means of cooperation to ensure financial stability, said Chea Chanto, Governor of the National Bank of Cambodia on Wednesday. He was speaking at a financial forum on the sidelines of CAEXPO, and is convinced that both sides need to expand such cooperation.

In the CAEXPO keynote speech on Tuesday, Chinese premier Li Keqiang said that China and ASEAN can cope with various difficulties and challenges, but moreover, by joining hands and helping each other, they can ensure steady growth and financial stability in the region.

Li's remarks were designed to shore up the confidence of Asian countries to defuse financial risks, economists said.

Cao Yuanzheng, chief economist with the Bank of China, also attending the forum on financial cooperation and development, said the recent fluctuations of Asian markets represent a chance for China-ASEAN cooperation to grow, especially in international use of the Chinese yuan, or renminbi.

While regulators of these countries exchange information, financial institutions from both sides should also collaborate in financial markets, financial products and ways of financing, according to Cao.

• Friendly policy - China’s long-term strategy towards ASEAN
• Chinese premier eyes closer ties with ASEAN
• ASEAN-China Environmental Cooperation Forum 2013 held in Guilin
• China, ASEAN to upgrade economic cooperation: Premier Li
• Li Keqiang vows China-ASEAN "diamond decade"
• 'Diamond decade' ahead for China, ASEAN
• 'Don't flaunt ASEAN banner' on the S. China Sea issue
• China, ASEAN to upgrade FTA, solve disputes
• Update the China-ASEAN relationship
• Chinese premier to attend China-ASEAN expo

We Recommend

• Mexican president delivers first State of Nation address
• Highlights of MAKS 2013 Int'l Aviation and Space Show
• 10th China-ASEAN Expo opens in Nanning
• Baby born to save his sister - the story of a savior sibling
• Lady of mystery: Female SWAT team in prison disclosed
• Single mother, baby live in KFC restaurant for months
• Top 10 naked hotels in the world
• The most gorgeous Chinese women in the eyes of foreigners
• A collection of bizarre rooftop buildings around China