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APEC Financiers Call For Structural Readjustment
Financiers attending the 7th APEC Financiers Group (AFG) Meeting Sunday in Suzhou urged Aisa-Pacific Economic Cooperation (APEC) economies to promote regional economic structural readjustment and improve regulatory measures for financial stability.
AFG delegates presented their report Sunday to the Eighth APEC Finance Ministers Meeting (AFMM) after concluding their one-day meeting, in which they made policy proposals for AFMM.
On behalf of all delegates, Li Jun, Chairman of AFG Meeting and Executive Vice President of China's Bank of Communications, delivered the report to AFMM along with other representatives.
AFG representatives also discussed with the ministers relevant issues that gave rise to common interest of APEC economy authorities and the private sector.
On the basis of extensive discussion and exchange, the participating financiers have reached consensus on how the private sector could play a better role in promoting economic growth and financial stability and improve the quality of dialogue with the public sector and on how to strengthen the training for financiers.
The AFG meeting held that in the context of the economic slowdown in Asian-Pacific region and the world at large, the private sector is prepared to do its part to promote recovery and sustained economic growth in the region.
In regard to promoting economic restructuring and growth, this year's AFG Meeting proposed that when spurring on economic growth becomes the number one task, the authorities should adopt policies aimed at establishing macro-level "rules of the games" whenever possible. Economic authorities should make significant regulatory adjustment, with the process as transparent as possible and in close consultation with the financial industry.
In regard to promoting financial stability, the delegates suggested that economy authorities consider approaching the regulatory function primarily from the standpoint of managing systemic risk. Delegates also proposed that economic authorities work to improve their supervisory systems by coordinating the functions within each member and to promote efficiency in the region.
Full of heated and extensive discussions, the 7th APEC Financiers' Group Meeting (AFG) concluded Saturday afternoon.
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