Or­ga­ni­za­tion’s goal is fi­nan­cial sta­bil­ity

China Daily (Hong Kong) - - TOP NEWS - By LI XIANG lix­i­ang@chi­nadaily.com.cn

China called on Mon­day for greater ef­forts to strengthen Asian fi­nan­cial co­op­er­a­tion and to safe­guard re­gional fi­nan­cial sta­bil­ity un­der a newly cre­ated or­ga­ni­za­tion.

The coun­try has been ac­tively sup­port­ing the cre­ation of the Asian Fi­nan­cial Co­op­er­a­tion As­so­ci­a­tion, which was of­fi­cially an­nounced at the Belt and Road Fo­rum in Bei­jing in May.

In a let­ter to the open­ing cer­e­mony of the as­so­ci­a­tion on Mon­day, Premier Li Ke­qiang said China hopes the new or­ga­ni­za­tion will serve as a plat­form to deepen fi­nan­cial co­op­er­a­tion, im­prove fi­nan­cial con­nec­tiv­ity and main­tain re­gional fi­nan­cial se­cu­rity and sta­bil­ity, which is cru­cial for re­gional devel­op­ment and global eco­nomic pros­per­ity.

Li said that the as­so­ci­a­tion could of­fer “strong sup­port” for the Belt and Road Ini­tia­tive and that China is will­ing to push for­ward on the ini­tia­tive with the rest of the par­tic­i­pat­ing economies.

The Bei­jing-based group in­cludes 107 fi­nan­cial in­sti­tu­tions from five con­ti­nents as its found­ing mem­bers.

Its mem­bers said in a joint state­ment on Mon­day that the or­ga­ni­za­tion will fa­cil­i­tate in­for­ma­tion ex­changes, strengthen joint gov­er­nance and sup­port cross-bor­der fi­nan­cial in­fra­struc­ture and busi­ness devel­op­ment. It also will sup­port the devel­op­ment of pro-en­vi­ron­ment green fi­nance and ex­pand the ac­cess of fi­nan­cial ser­vices to lo­cal con­sumers.

Bank of China Chair­man Tian Guoli, the as­so­ci­a­tion’s newly elected chair­man, said the group can play a sig­nif­i­cant role in help­ing Asian economies avoid fi­nan­cial crises and help mit­i­gate fi­nan­cial risks that could threaten re­gional and global devel­op­ment.

Jin Liqun, pres­i­dent of the Asian In­fra­struc­ture In­vest­ment Bank, said the group’s cre­ation is an im­por­tant mile­stone be­cause it will help im­prove fi­nan­cial con­nec­tiv­ity in Asia and bridge the huge fund­ing gap for re­gional in­fra­struc­ture devel­op­ment.

The es­tab­lish­ment also comes at a time when Chi­nese lead­ers are putting greater em­pha­sis on strength­en­ing fi­nan­cial reg­u­la­tions and pre­vent­ing sys­temic risks.

Ha Yung-ku, chair­man of the Korea Fed­er­a­tion of Banks, said China’s fi­nan­cial sta­bil­ity will be cru­cial for the re­gional econ­omy as well as the sta­bil­ity of the South Korean mar­ket, given the size of the Chi­nese econ­omy and the huge trade and in­vest­ment flow be­tween the two coun­tries.

WANG ZHUANGFEI / CHINA DAILY

Tian Guoli (right), chair­man of the new Asian Fi­nan­cial Co­op­er­a­tion As­so­ci­a­tion, Hun­gar­ian banker Levente Ko­vacs (left) and South Korean banker Ha Yung-ku at­tend a news con­fer­ence in Bei­jing on Mon­day.

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