Finance ministers and central bank governors from the Association of Southeast Asian Nations (ASEAN) and China, Japan and South Korea vowed to continue adopting supportive macroeconomic policies to push for sustainable economic recovery at an annual regional meeting on Thursday.

At the 25th ASEAN+3 Finance Ministers' and Central Bank Governors' Meeting via video on Thursday, all sides discussed the global and regional macroeconomic situation, fiscal and financial cooperation in the 10+3 grouping, among other topics. 

They pledged to continue macroeconomic policy support to press ahead with sustainable economic recovery, China’s state broadcaster reported, citing a joint statement.

All participating parties noted that the 10+3 regional economy posted an expansion of about 6 percent in 2021, owing to a relatively high vaccination rate and targeted support measures in the region, read the joint statement. 

Chen Yulu, deputy governor of the People’s Bank of China (PBC), the country’s central bank, presided over the video conference, the PBC said on Thursday. China is the co-chair of the 10+3 fiscal and financial cooperation this year. 

The participants expected the regional economy to continue recovery in 2022, while facing a stronger-than-expected normalization of monetary policy in major developed economies, supply chain disruptions, among other downside risks.  

They decided upon the continued macroeconomic support to ramp up endorsement of emerging and growth industries. Meanwhile, they pledged to actively maintain monetary and financial stability, ensure the long-term fiscal sustainability and effectively avert downside risks and negative spillover effects.

The Thursday meeting reiterated that an open, rules-based multilateral trade and investment system will be upheld while welcoming and supporting the implementation of the Regional Comprehensive Economic Partnership. The participants also agreed on further strengthening cooperation in trade, investment, supply chains and sustainable infrastructure.

Addressing the meeting, Chinese Finance Minister Liu Kun said that the global economic recovery and growth is confronting new challenges. China, for its part, stands ready to deepen pragmatic cooperation in across fiscal and financial spheres with all other regional economies and support further development and expansion of the 10+3 macroeconomic research office, per the state broadcaster report.

China is also in support of deeper development in the Asian bond market to meet the region’s financing needs for future development, Liu said.

On top of that, China will adhere to its path to effectively coordinating COVID-19 prevention and containment and economic and social development, the minister noted, vowing to step up the country’s macro policy fine-tuning and continue implementing a proactive fiscal policy while improving efficiency, continuing toward global economic stabilization. 

Global Times