China, Japan, ROK deepen financial cooperation

BEIJING - In the face of the grave challenges to world economic recovery, China, Japan and the Republic of Korea (ROK) have further deepened financial coordination and collaboration, according to a white paper issued on Wednesday.

China, Japan and the ROK have maintained close financial cooperation, which has gradually established itself as a key driver for regional financial cooperation in East Asia, says the white paper entitled China-Japan-ROK Cooperation (1999-2012).

The trilateral dialogue and cooperation on finance is centered around the finance ministers' meeting, and complemented by a number of supportive platforms.

The finance ministers of the three countries meet regularly every year to coordinate positions on specific initiatives for 10+3 (Association of Southeast Asian Nations, and China, Japan and ROK) financial cooperation and discuss financial issues of shared interest to the three countries, according to the white paper.

Thanks to the commitment of the three countries, East Asian financial cooperation is making substantive headway with important progress in regional crisis support and prevention mechanism, Asian bond market and other areas, says the white paper.

From 2012 onward, the Trilateral Finance Ministers' Meeting will be replaced by the Trilateral Finance Ministers and Central Bankers' Meeting, according to the document.

Since 2011, the three countries have coordinated positions within the framework of trilateral financial cooperation, mainly in the following areas:

-- while improving the Chiang Mai Initiative Multilateralization (CMIM) regional crisis support mechanism, encourage CMIM to pick up the function of crisis prevention;

-- further promote the development of the Asian Bond Markets Initiative;

-- facilitate the studies of future priorities for 10+3 financial cooperation.

The white paper says that since 1996, the central bank governors of the three countries have met every year during their presence at international conferences. In December 2008, the central banks of the three countries issued a joint statement on the launch of annual Trilateral Central Bankers' Meeting, and three trilateral meetings have been held so far.

In addition, China, Japan and the ROK have maintained communication and cooperation in the International Monetary Fund, Bank for International Settlements and other international organizations as well as regional frameworks like the Executives' Meeting of East Asia and Pacific Central Banks, according to the white paper.

As the coordinator for this year's trilateral cooperation, China will host the Fifth Trilateral Summit Meeting among China, Japan and the ROK.