Chinese premier makes four-point proposal on ASEAN Plus Three cooperation

Chinese Premier Wen Jiabao put forward a four-point proposal Friday on ASEAN Plus Three (10+3) cooperation.

Speaking at the 14th ASEAN Plus Three Summit, Wen lauded the important role of 10+3 cooperation in successfully navigating the international financial crisis, maintaining fairly fast economic growth and financial stability and deepening economic integration in East Asia.

However, East Asian countries, to varying degrees, faced the arduous task of adjusting economic structures, improving people's lives and enhancing the capacity for sustainable development, he said.

In order to enhance cohesion, increase internal growth momentum and deepen cooperation to improve the ability to defuse risks and raise the economic competitiveness of the region, Wen proposed taking the following steps:

First, the 10+3 should accelerate trade liberalization and facilitation in East Asia, he said.

China was ready to accelerate the process of building the East Asia Free Trade Area and the Comprehensive Economic Partnership for East Asia in a pragmatic way and looked forward to the support of all parties in this endeavor, Wen said.

Second, the 10+3 needed to raise financial and monetary cooperation to a higher level.

"We should make the Chiang Mai Initiative Multilateralization more effective and expand its function from crisis rescue to crisis prevention," the Chinese premier said.

The 10+3 should actively promote the building of the Asian Bond Market, facilitate the issuance of local currency-denominated bonds and carry out more research on new areas, such as settlement of regional trade in local currencies, he said.

His third proposal was to increase input in East Asia connectivity to lay the foundation for East Asia integration.

As his fourth point, Wen urged the 10+3 countries to shift the growth model and promote sustainable development in East Asia.

The 10+3 process should enhance cooperation in science and technology, new energy, energy conservation and environmental protection, food security and health, he said.

East Asian cooperation was "at a crucial stage," and it was in the interest of all the 10+3 countries to "uphold ASEAN's centrality, pursue the goal of development, mutual benefit and win-win outcomes and continue to promote East Asian integration with 10+3 as the main vehicle", Wen said.

Other 10+3 state leaders present at the summit were of the opinion the grouping had weathered the tests of the international financial crisis, demonstrating its enormous vitality as well as a broad prospect for its future development.

They voiced the belief the 10+3 countries would boost practical cooperation, implement the consensus they had reached, improve their ability to defuse risks and promote sustainable development so as to benefit all peoples in the region.

Leave a Reply

Your email address will not be published. Required fields are marked *