- CNTV English - CCTV News

Former Chinese vice premier calls for financial cooperation in Asia

11-26-2012 19:33 BJT

BOMBAY, Nov. 26 (Xinhua) -- Former Chinese vice premier Zeng Peiyan on Monday made a four-point proposal on financial cooperation between Asian countries.

Zeng, vice chairman of board of directors of the Boao Forum for Asia (BFA), put forward the proposal in his keynote speech at the Asian Financial Cooperation Conference co-organized by the BFA and the Federation of Indian Chambers of Commerce and Industry.

Firstly, currency cooperation should be enhanced, Zeng said, adding that East Asian countries should make the Chiang Mai Initiative Multilateralization more practical and strengthen economic supervision, crisis rescue and prevention.

A cooperative mechanism on Asian currencies with broader coverage can be considered when conditions are mature, Zeng said.

Secondly, Asia should diversify channels to finance infrastructure while the Asian Development Bank continues to play an important role in that aspect, Zeng said.

Bilateral or multilateral infrastructure investment funds can be established to invest in such areas as energy, traffic, telecommunications and urban construction, he said.

Thirdly, Asian countries should improve capital markets, especially developing direct financing to better serve the real economy and increase the efficiency of using capital, Zeng said.

The region should also improve mechanisms for financial transactions and liquidations, enhance connections and communications between capital markets, and prepare to establish regional rating agencies to provide financial services for capital markets, Zeng said.

Fourthly, Asian nations should expand the use of their domestic currencies in the region, Zeng said.

The governments should sign more bilateral agreements in currency swaps and settlements in local currencies and encourage financial institutions to provide convenience and related services, Zeng said.

More than 500 decision-makers, regulators and CEOs of large Asian banks, insurance companies, financial service institutions and other stakeholders attended the meeting that started Monday.

During the two-day meeting under the theme of "Open Asia, Open Finance," participants will discuss such issues as global economic outlook and Asian transformation, financing Asian infrastructure through capital market innovation, currency swaps and exchange rate coordination, Free Trade Area and Asian economic integration.


Editor:James |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program