Asia co­op­er­a­tion group launched

China Daily (Hong Kong) - - CHINA - By LI YOU liyou@chi­nadaily.com.cn

The Asian Fi­nan­cial Co­op­er­a­tion As­so­ci­a­tion, a non­govern­men­tal or­ga­ni­za­tion pro­posed by China to pro­mote ex­change and co­op­er­a­tion among Asian fi­nan­cial in­sti­tu­tions, will make its de­but in Bei­jing on Mon­day.

Chair­man of Bank of China Tian Guoli has been elected chair­man of the AFCA; Chair­man of the Hong Kong As­so­ci­a­tion of Banks Yue Yi, chief su­per­vi­sor; and for­mer ex­ec­u­tive vice-pres­i­dent of the China Bank­ing As­so­ci­a­tion Yang Zaip­ing, sec­re­tary-gen­eral and le­gal rep­re­sen­ta­tive.

The AFCA is com­mit­ted to strength­en­ing the re­gion’s fi­nan­cial sta­bil­ity, sup­port­ing the de­vel­op­ment of the real econ­omy and fa­cil­i­tat­ing joint gov­er­nance and shar­ing of ser­vices and achieve­ments by all mem­bers.

The ini­tial idea of the as­so­ci­a­tion dates back to Presid en t Xi Ji np i n g ’s ke yn o t e speech at the Boao Fo­rum for A sia in 2015, when he broached the pos­si­bil­ity of es­tab­lish­ing a com­mu­ni­ca­tion and co­op­er­a­tion plat­form for Asian fi­nan­cial in­sti­tu­tions.

Af ter wards, Pre­mier Li Ke­qiang ex­pressed his sup­port to es­tab­lish the AFCA at a num­ber of in­ter­na­tional con­fer­ences, in­clud­ing the East A sian L ead­ers’ Mee tings, the Boao Fo­rum for Asia An­nual Con­fer­ence and the ASEAN Plus Three Sum­mit, which in­volved mem­bers of the As­so­ci­a­tion of South­east Asian Na­tions, as well as China, Ja­pan and South Korea.

O n Ma rc h 2 5 , 2 01 6 , 3 8 fi­nan­cial in­sti­tu­tions from 12 coun­tries and re­gions in Asia, Eu­rope and the Amer­i­cas signed the Let­ter of In­tent for Orig­i­nat­ing the Asian Fi­nan­cial Co­op­er­a­tion Asso- cia­tion at the AFCA Orig­i­nat­ing In­sti­tu­tions’ Meet­ing.

At the Work­ing Meet­ing on the Es­tab­lish­ment of AFCA, held in Bei­jing in May, prepara­tory work for the as­so­ci­a­tion was com­pleted and, with the ap­proval of its mis­sion and its leader list for the first term.

The mem­bers of the as­so­ci­a­tion are mainly fi­nan­cial in­sti­tu­tions and as­so­ci­a­tions, pro­fes­sional ser­vice agen­cies and in­flu­en­tial ex­ec­u­tives and se­nior spe­cial­ists in the in­dus­try, cov­er­ing bank­ing, se­cu­ri­ties, in­sur­ance, fund­ing, as­sets man­age­ment, fi­nan­cial ed­u­ca­tion and other sec­tors in the fi­nan­cial in­dus­try.

With the phi­los­o­phy of “con­nec tiv­ity, co­op­er­a­tion, joint gov­er­nance and shared ben­e­fits”, the or­ga­ni­za­tion has gath­ered 107 found­ing mem­bers from 27 coun­tries and re­gions from around the world.

Among the 107 mem­bers, 89 are from Asian re­gions. The other 18 are from the rest of the world, ac­count­ing for 16.8 per­cent. Eighty-five mem­bers are from coun­tries in­volved in the Belt and Road Ini­tia­tive, ac­count­ing for 79.4 per­cent.

The ini­tia­tive, pro­posed by China in 2013, refers to the Silk Road Eco­nomic Belt and the 21st Cen­tury Mar­itime Silk Road.

“Fi­nan­cial co­op­er­a­tion can no longer be lim­ited to one coun­try,” said Yang Zaip­ing, sec­re­tary-gen­eral of the AFCA. “We should ex­tend our vi­sion to the whole of Asia.”

At the start­ing stage of the as­so­ci­a­tion, what wor­ried founders was whether there would be a re­sponse from over­seas in­sti­tu­tions. The re­sults showed that the team wor­ried too much at that time, Yang said.

Janos Muller, chief ad­viser of the Hun­gary Bank­ing As­so­ci­a­tion, ex­pressed his congratulations in a let­ter. He said it is a great honor to par­tic­i­pate in the as­so­ci­a­tion and he hoped he can call it “our” AFCA.

Yang said that it is the most pleas­ing sit­u­a­tion to see for­eign mem­bers call the as­so­ci­a­tion “our” AFCA. “Hope­fully, there will be more mem­bers, es­pe­cially from abroad, call­ing it ‘our’ AFCA.”

The AFCA logo was cre­ated by South Korean de­sign­ers or­ga­nized by the Korea Fed­er­a­tion of Banks.

Levente Ko­vacs, sec­re­taryg en e r a l o f th e Hu ng a r i a n Bank­ing As­so­ci­a­tion, also sent let­ters to show sup­port to the AFCA.

Though es­tab­lished in China, the AFCA is a non­profit in­ter­na­tional NGO, based on joint gov­er­nance and vol­un­teer par­tic­i­pa­tion.

Its struc­ture is com­posed of gen­eral meet­ing, board of di­rec tors, exec utive board, board of su­per vi­sors and sec­re­tar­iat. The first board of di­rec­tors con­sists of 46 di­rec­tors, in­clud­ing 23 vicechair­men in the first ex­ec­u­tive board and 11 su­per­vi­sors in the first board of su­per­vi­sors.

PRO­VIDED TO CHINA DAILY

Fi­nanciers from China and abroad par­tic­i­pate in the orig­i­nat­ing in­sti­tu­tions’ meet­ing of the Asian Fi­nan­cial Co­op­er­a­tion As­so­ci­a­tion in Hainan prov­ince in 2016.

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