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Chinese Premier Urges Earnest Implementation of Chiang Mai Initiative
Chinese Premier Zhu Rongji on Friday called for the earnest implementation of the Chiang Mai Initiative, adopted by finance ministers of the ASEAN member countries and China, Japan and South Korea (10+3) in May this year.
He said that as supported by the Chinese side, the meetings of 10+3 Vice Finance Ministers and Central Bank Deputies have become regular mechanisms and have been upgraded to the ministerial level.
Zhu said, China wishes to hold further consultations with Japan, the Republic of Korea and ASEAN countries with a view to reaching a common position on the practical measures for the implementation of the Initiative so that an East Asia bilateral currency swap network could be gradually established.
But the Chinese premier said, "it is without any doubt that what East Asia will do in this regard will be an integral part of the international efforts, and any financial arrangement that East Asia makes will be a supplement to the functions of IMF and other international financial institutions."
ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
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