China, Japan, S.Korea to enhance regional financial cooperation

MANILA, May 3 – China, Japan and South Korea have agreed to enhance the regional trilateral financial cooperation during the 12th Trilateral Finance Ministers’ and Central Bank Governors’ Meeting of China, Japan and South Korea hold in Manila on Thursday.

The senior financial officials of the three countries exchanged views on various issues, including the current macroeconomic situation and regional financial cooperation.

The attendees reaffirmed their commitment to enhance trilateral financial cooperation and promote the bilateral currency swap arrangements among the three countries, which was considered to be significantly beneficial to stability of regional financial markets.

The three countries also agreed to promote the investment by the foreign reserve authorities in one another’s government bonds, further strengthen the cooperation, including information sharing, and thereby enhance economic relationship among the countries.

The delegates from the three countries said in a joint statement released after the meeting that they were aware of the remaining uncertainties of the global economy and the potential downside risks.

To achieve strong, sustainable and balanced economic growth, the three countries would committed to continue implementing appropriate macroeconomic policies, including promoting fiscal soundness, expanding domestic demand, increasing employment and accelerating structural reforms, the document said.

The meeting, which was hosted by Japanese Finance Minister Jun Azumi, was attended by the central bank governors of the three countries for the first time.

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