Chinese Premier Meets with Senior Asian Financiers

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Last updated at: (Beijing Time) Saturday, October 12, 2002

Chinese Premier Meets with Senior Asian Financiers

Chinese Premier Zhu Rongji met Friday in Beijing with a group of senior financiers who are here to attend the ASEAN+3 High Level Seminar on the Management of Short-Term Capital Flow and Capital Account Liberalization.

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Chinese Premier Zhu Rongji met Friday with a group of senior financiers who are here to attend the ASEAN+3 High Level Seminar on the Management of Short-Term Capital Flow and Capital Account Liberalization.

Premier Zhu congratulated on the success of the forum and briefed the guests on China's economic development and financial operations.

It was critical to reinforce the management of short-term capital flow and steadily promote capital account liberalization, he noted.

The seminar would provide a valuable opportunity for international financiers and financial institutions to exchange experience and learn from each other, which was conducive to protecting regional and global financial stability.

China attaches great importance to the fiscal and financial cooperation under the framework of ASEAN+3, and has signed currency exchange agreements with the central banks of Thailand, Japan, the Republic of Korea and Malaysia, he said. It is very important for countries in the region to step up financial cooperation to jointly meet the challenges of economic globalization.

Andrew Crockett, director general of the Bank for International Settlement, and other guests at the seminar spoke highly of China's achievements in economic growth and financial reforms, and expressed special appreciation for the successful steady and orderly opening of China's capital accounts.

ASEAN+3 high-level seminar

Leading financiers gathered Friday in Beijing to discuss issues related to short-term capital flow and capital account liberalization at an ASEAN plus China, Japan and Republic of Korea (ASEAN+3) high-level seminar.

The seminar, hosted by the People's Bank of China (PBC), is being held in accordance with a promise made by Chinese Premier Zhu Rongji at the 2001 ASEAN+3 informal summit.

Zhu met with some of the financiers, Vice-Premier Wen Jiabao made a key-note speech to the seminar, and central bank Governor Dai Xianglong presided over the opening ceremony.

About 70 senior government officials and noted financiers from the 10+3 countries and international financial institutions attended the seminar.

ASEAN+3 includes the ten ASEAN member countries (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam) and China, Japan and the Republic of Korea. The cooperative mechanism between the ASEAN and the three nations was established following the Asian financial crisis.

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