Chinese Premier Li Keqiang (Photo: Straitstimes)

Beijing (VNA) – Chinese Premier Li Keqiang has proposed a stronger multilateral cooperation to ensure stability in the financial sector in Asia.

At the 21st ASEAN 3 Summit between the 10 ASEAN member states and their partners – China, Japan and the Republic of Korea - in Singapore on November 15, Li called on parties involved to improve upon the Chiang Mai initiative – a multi-country currency swap agreement set up after the Asian financial crisis in 1997.

He said regional countries need to support efforts of the ASEAN 3 Macro-economic Research Office (AMRO), which is responsible for researching and overseeing the Chiang Mai initiative, to improve its monitoring capacities of the economy.

At the event, the Chinese leader suggested accelerating negotiations on the Regional Comprehensive Economic Partnership (RCEP) and a trilateral free trade agreement (FTA) between China, Japan and the RoK.

He also proposed a series of mechanisms to promote regional economic integration and strengthen cooperation in culture, innovation and development within the framework of ASEAN 3 countries. - VNA