Oct 30, 2018 (China Knowledge) - The Ministry of Finance and the People's Bank of China hosted a high-level forum titled “40th Anniversary of China's Reform and Opening-up: Progress, Prospects and Impacts on the East Asian Region”, last Friday in Beijing, with the ASEAN+3 Macroeconomic Research Office.
Policymakers, government officials, academics and senior representatives from international organizations and think tanks from the ASEAN+3 regionincluding Laos’ Vice Minister of Finance, Thipphakone Chanthavongsa attended the forum.
Finance Minister Liu Kun highlighted, in the event, that how China was upholding their goal of economic reforms, in order to make Chinese economy a more open and market-oriented one. Beijing has lowered its general level of tariffs to 7.5%, in past years, and will continue to put more efforts in opening up its financial service industry.
Former deputy governor of the Bank of Thailand, Bandid Nijathaworn also explained the bilateral partnership of Beijing and Bangkok, he also briefed about how China has become the number one trading partner of Thailand, overtaking the U.S. and Europe.
Nijathaworn believed that Beijing's increasing engagement with regional organizations will pave ways for more cooperation, increasing the benefits China can bring to the region.
The Chinese Vice Minister of Finance, Zou Jiayi proposed for the further integration of ASEAN plus 3 (China, Japan and Korea), to formulate a framework for regional economic governance, strengthening prevention and control of financial risks. The framework will also help ensure financial stability in the region and diversify financing channels for infrastructure construction.
Panelists at the forum were optimistic about the deepening of cooperation between ASEAN and plus three. The commitment given by China can help drive further integration of financial system and economy between member countries of the forum.
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