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UPDATED: 12:00, June 26, 2005
China, an increasingly active role in global financial sector
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Jin Renqing, China's finance minister, has been quite busy recently.
On Sunday, Jin is expected to host the Sixth Finance Ministers'Meeting of the Asian-European Meeting (ASEM) in northern China's port city of Tianjin. Couple of days later, he will fly to Kunming,capital of southwest China's Yunnan Province ,to host the Mekong Region Summit. In October, Jin is expected to co-chair the meeting of the finance ministers and central bank governors from the Groupof 20 together with China's central bank governor Zhou Xiaochuan in China.
Weeks ago, Jin was invited to attend the G8 finance ministers' pre-summit meeting, and was awarded the Finance Minister of the Year Asia 2005 by the London-based global financial magazine The Banker. In February, Jin also attended the meeting of finance ministers and central bank governors of the Group of Seven in London.
The tight schedule of the Chinese finance minister reflects China's increasingly active role in promoting global financial cooperation.
Analysts pointed out that China's fast economic growth has madethe world largest developing national more influential in the world economic arena and its active "finance diplomacy" is an organic component of its endeavor in integrating into the global economy and setting up a new international economic order.
Reports from the Finance Ministry said so far China has participated in a number of multi-lateral financial exchange mechanisms including the finance ministers' meeting of the Asia Pacific Economic Cooperation, finance ministers' meeting of the ASEAN plus China, Japan and the Republic of Korea (ROK), meeting of the finance ministers and central bank governors of the Group of 20 and the ASEM Finance Ministers' Meeting.
In addition, China has also set up bilateral dialogue mechanisms or kept irregular contacts on financial issues with theUnited States, Britain, Germany, France, Japan and ROK respectively.
During the 1997 Asian financial crisis, China insist on not devaluing its currency and kept the RMB exchange rate stable in a responsible manner, which helped southeast Asian nations overcome the crisis.
Following the financial crisis, under the proposal of China, the vice-ministerial level meeting of the finance ministries and central banks as well as the meeting of the finance ministers among the ASEAN and China, Japan and the ROK were set up one after another. The Chiang Mai Initiative, which was reached by the four sides to approve bilateral currency swap further strengthened the regional capacity of withstanding financial crisis.
In October last year, China was invited to attend the meeting of finance ministers and central bank governors of the Group of Seven and had its first informal dialogue with the world most influential developed countries.
In February this year, finance ministers of China and the Groupof seven had their second dialogue, exchanging views on issues including macro-economy and the exchange rate of RMB.
On the frequent dialogues, Britain's Chancellor of the Exchequer Gordon Brown pointed out that without China's participation, the discussions among the finance ministers and central bank governors of the Group of Seven on global macro-economic policies cannot be comprehensive, neither will it reflectthe reality of the world economic development.
Officials from the organizing committee of the Sixth ASEM Finance Ministers' Meeting said the meeting is likely to attract over 200 representatives from 39 parties of the ASEM.
The Sixth ASEM Finance Ministers' Meeting, themed to "promote closer Asia-Europe economic and financial cooperation", is expected to adopt two documents, namely, a Chairman Statement and a Tianjin Initiative, to showcase the consensus reached by financial deputies from 13 Asian countries, 25 European nations and the European Commission, and representatives from international financial institutions such as the World Bank and the International Monetary Fund.
The ASEM was a summit-level meeting to strengthen ties between Asia and Europe being first held in 1996 at the initiative of Singapore.
Upon the opening of the one-day meeting, China once again made it clear its determination of bolstering global financial cooperation.
"We will further improve international financial and economic exchanges and cooperation to create a favorable external conditionfor the fast, balanced and healthy development of China's economy and to accelerate the establishment of a fair and reasonable new international economic order," Jin said in an interview on Friday.
Source: Xinhua
Home >> Business
UPDATED: 12:00, June 26, 2005
China, an increasingly active role in global financial sector
font size ZoomIn ZoomOut
Jin Renqing, China's finance minister, has been quite busy recently.
On Sunday, Jin is expected to host the Sixth Finance Ministers'Meeting of the Asian-European Meeting (ASEM) in northern China's port city of Tianjin. Couple of days later, he will fly to Kunming,capital of southwest China's Yunnan Province ,to host the Mekong Region Summit. In October, Jin is expected to co-chair the meeting of the finance ministers and central bank governors from the Groupof 20 together with China's central bank governor Zhou Xiaochuan in China.
Weeks ago, Jin was invited to attend the G8 finance ministers' pre-summit meeting, and was awarded the Finance Minister of the Year Asia 2005 by the London-based global financial magazine The Banker. In February, Jin also attended the meeting of finance ministers and central bank governors of the Group of Seven in London.
The tight schedule of the Chinese finance minister reflects China's increasingly active role in promoting global financial cooperation.
Analysts pointed out that China's fast economic growth has madethe world largest developing national more influential in the world economic arena and its active "finance diplomacy" is an organic component of its endeavor in integrating into the global economy and setting up a new international economic order.
Reports from the Finance Ministry said so far China has participated in a number of multi-lateral financial exchange mechanisms including the finance ministers' meeting of the Asia Pacific Economic Cooperation, finance ministers' meeting of the ASEAN plus China, Japan and the Republic of Korea (ROK), meeting of the finance ministers and central bank governors of the Group of 20 and the ASEM Finance Ministers' Meeting.
In addition, China has also set up bilateral dialogue mechanisms or kept irregular contacts on financial issues with theUnited States, Britain, Germany, France, Japan and ROK respectively.
During the 1997 Asian financial crisis, China insist on not devaluing its currency and kept the RMB exchange rate stable in a responsible manner, which helped southeast Asian nations overcome the crisis.
Following the financial crisis, under the proposal of China, the vice-ministerial level meeting of the finance ministries and central banks as well as the meeting of the finance ministers among the ASEAN and China, Japan and the ROK were set up one after another. The Chiang Mai Initiative, which was reached by the four sides to approve bilateral currency swap further strengthened the regional capacity of withstanding financial crisis.
In October last year, China was invited to attend the meeting of finance ministers and central bank governors of the Group of Seven and had its first informal dialogue with the world most influential developed countries.
In February this year, finance ministers of China and the Groupof seven had their second dialogue, exchanging views on issues including macro-economy and the exchange rate of RMB.
On the frequent dialogues, Britain's Chancellor of the Exchequer Gordon Brown pointed out that without China's participation, the discussions among the finance ministers and central bank governors of the Group of Seven on global macro-economic policies cannot be comprehensive, neither will it reflectthe reality of the world economic development.
Officials from the organizing committee of the Sixth ASEM Finance Ministers' Meeting said the meeting is likely to attract over 200 representatives from 39 parties of the ASEM.
The Sixth ASEM Finance Ministers' Meeting, themed to "promote closer Asia-Europe economic and financial cooperation", is expected to adopt two documents, namely, a Chairman Statement and a Tianjin Initiative, to showcase the consensus reached by financial deputies from 13 Asian countries, 25 European nations and the European Commission, and representatives from international financial institutions such as the World Bank and the International Monetary Fund.
The ASEM was a summit-level meeting to strengthen ties between Asia and Europe being first held in 1996 at the initiative of Singapore.
Upon the opening of the one-day meeting, China once again made it clear its determination of bolstering global financial cooperation.
"We will further improve international financial and economic exchanges and cooperation to create a favorable external conditionfor the fast, balanced and healthy development of China's economy and to accelerate the establishment of a fair and reasonable new international economic order," Jin said in an interview on Friday.
Source: Xinhua
# posted by Eastlaw @ 6:08 AM 
