China stresses cooperation at ASEAN+3 meeting

China is willing to deepen pragmatic financial cooperation with regional countries and promote innovative regional cooperation to better grapple with global growth challenges and drive up regional growth, an official said.

Liu Kun, China's minister of finance, made the remarks on Thursday as he attended and co-chaired the 25th ASEAN+3 Finance Ministers' and Central Bank Governors' Meeting, which was held via video link.

Liu said global economic recovery faces new challenges and China is ready to deepen pragmatic financial cooperation with all members by supporting further development of the ASEAN+3 Macroeconomic Research Office and better enabling it to serve the ASEAN+3 macroeconomic policy dialogue and financial cooperation process. He said China will also promote innovative regional financial cooperation and open up new areas of cooperation. In addition, the country will also deepen Asian bond market development to meet the financing needs generated from the region's future growth.

China's economy got off to "a generally stable start" in 2022 and has made important contributions to the stability and smooth flow of the global industrial supply chain, as well as to the growth of the world economy, Liu said. He added China will keep responding to COVID-19 and pursuing economic and social development in an efficient and well-coordinated way, further strengthen the implementation of macro policies, keep implementing proactive fiscal policy and make it more effective, and contribute to stabilizing the world economy.

Meeting attendees reiterated their firm commitment to an open and rules-based multilateral trade and investment system. Members will continue to welcome and fully support the coming into force and implementation of the Regional Comprehensive Economic Partnership, as well as the continued progress in the United Nations 2030 Agenda for Sustainable Development to achieve stronger, greener and more balanced global development, according to the joint statement issued after the meeting.

Chen Yulu, deputy governor of the People's Bank of China, China's central bank, also co-chaired the virtual meeting. China and Cambodia are the co-chairs of the meeting this year.