China Praises Advances in APEC Financial Project

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Last updated at: (Beijing Time) Wednesday, September 04, 2002

China Praises Advances in APEC Financial Project

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China said Tuesday economies of the Asia-Pacific Economic Cooperation (APEC) forum have achieved substantial progress in a regional research project on financial policies one year after its endorsement.

With support from APEC member countries and the World Bank (WB)in particular, a detailed plan has been worked out focusing on developing the capital market, funding small- and the medium-sized enterprises and cross-border cooperation, China's vice finance minister Jin Liqun told an APEC financial meeting in Los Cabos, a Mexican tourist attraction.

The China-proposed project, approved at the meeting of APEC finance ministers last year in Suzhou, China, involves a three-year research aimed at providing advice for APEC financial policy makers. Countries have also agreed to meet every year to exchange information and review results of the research.

The project is expected to contribute to a solid financial sector in the region, and help promote capacity building of regional economies and adapt their policies to challenges posed by globalization.

China and the WB would continue to support the project, Jin assured vice finance ministers and deputy chiefs of central banks from the 21 APEC economies, who are here to attend a preparatory session for the APEC finance ministers meeting scheduled for Sept.5-6.

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