Finance ministers and central bank governors of the 10 ASEAN countries as well as China, Japan, and the Republic of Korea (ASEAN+3) have agreed that the global economy is growing but cautioned that challenges remain.
During their 17th meeting in Astana, the capital of Kazakhstan, on May 3, they discussed the macro-economic situation in East Asia and regional financial cooperation.
They concluded that developed economies are improving but the global economic recovery still faces challenges and its foundations remain fragile, according to news reports reaching here.
Strong growth in East Asia has been fuelled by robust domestic demand and appropriate macro-economic policies, but it faces challenges from low external investment and internal structural problems, they said.
The financial chiefs suggested each economy adjust macro-economic policies to address their own needs and deepen structural reforms to counter internal and external risks and challenges.
They urged all sides to further strengthen regional financial cooperation and coordination in their policy-making to prevent an Asian currency crisis akin to the one suffered in 1997-1998 and to facilitate the healthy growth of the regional economy.
The financial ministers and central bank governors affirmed the importance of developing resilient local currency bond markets across the region to allow the area's large savings to be channeled into financing its own investment needs.
The financial chiefs also emphasised the need to help businesses procure funds and increase transactions in local currencies by expanding a credit guarantee capacity for corporate bonds through a fund known as the Credit Guarantee and Investment Facility.
The event took place on the sidelines of an annual meeting of the Asian Development Bank (ADB).
The Association of Southeast Asian Nations consists of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.-VNA
During their 17th meeting in Astana, the capital of Kazakhstan, on May 3, they discussed the macro-economic situation in East Asia and regional financial cooperation.
They concluded that developed economies are improving but the global economic recovery still faces challenges and its foundations remain fragile, according to news reports reaching here.
Strong growth in East Asia has been fuelled by robust domestic demand and appropriate macro-economic policies, but it faces challenges from low external investment and internal structural problems, they said.
The financial chiefs suggested each economy adjust macro-economic policies to address their own needs and deepen structural reforms to counter internal and external risks and challenges.
They urged all sides to further strengthen regional financial cooperation and coordination in their policy-making to prevent an Asian currency crisis akin to the one suffered in 1997-1998 and to facilitate the healthy growth of the regional economy.
The financial ministers and central bank governors affirmed the importance of developing resilient local currency bond markets across the region to allow the area's large savings to be channeled into financing its own investment needs.
The financial chiefs also emphasised the need to help businesses procure funds and increase transactions in local currencies by expanding a credit guarantee capacity for corporate bonds through a fund known as the Credit Guarantee and Investment Facility.
The event took place on the sidelines of an annual meeting of the Asian Development Bank (ADB).
The Association of Southeast Asian Nations consists of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.-VNA
