APEC Finance and Central Bank Deputies Discuss China's Policy InitiativeFinance and central bank deputies of the 21 APEC member economies Thursday and Friday discussed a new policy initiative of APEC Finance and Development Program put forward by China at the Eighth APEC Finance and Central Bank Deputies Meeting being held here.The APEC finance and central bank deputies agreed to deliver the policy initiative to the Eighth APEC Finance Ministers Meeting to be held on September 8-9 here for endorsement. The aim of this initiative is to speed up the capacity building in APEC members, especially in the field of finance and economic development, to secure a broad-based and equitable economic growth in the process of globalization. The new initiative was first proposed at the 12 APEC Finance Ministers Working Group Meeting held in Sanya, Hainan Province, in June this year. The launch of this initiative is to follow Chinese leader's call to promote economic cooperation and enhance capacity building in the APEC region, which reflects the finance ministers concrete action to implement APEC economic leaders instructions. The two-day APEC Finance and Central Bank Deputies Meeting is aimed at preparing for the Eighth APEC FMM. The Eighth APEC FMM and a series of its related meetings will be chaired by China under the arrangement agreed at the Seventh APEC FMM held in Brunei in September last year. The APEC finance and central bank deputies also agreed that the policy initiatives put forward since 1994 have played a positive role in promoting the APEC FMM in the process of various fields. Since the first APEC FMM was held in Hawaii in the United States in 1994, about 15 policy initiatives have been proposed and taken by APEC economies to carry out finance ministers' instructions. At present, some of the initiatives have been concluded, and most are on going. These policy initiatives include the Voluntary Action Plan for Promoting Freer and More Stable Capital Flows put forward by New Zealand, Bank Failure Management by Mexico and the Republic of Korea, the Financial Regulator Training Initiative by Asia Development Bank, the Managing Regulatory Change in Life Insurance and Pensions by Australia, the Strengthening Corporate Governance in the APEC Region by New Zealand, Singapore and Mexico, Insolvency Law by Indonesia, Company Accounting and Financial Reporting Task Force by Australia, Credit Rating Agencies (CRAs) by the Philippines, Privatization Forum, Social Safety Nets by the USA and Mexico, and Fighting Financial Crimes by the USA and Thailand. |
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