A proposed association within the Pan-Beibu Bay region would
provide a strong foundation for economic cooperation between China
and other countries surrounding the bay, a top local official
The proposal, put forward by officials from South China's Guangxi Zhuang Autonomous Region and domestic
banks, was a hot topic among participants of the Pan-Baibu Bay
Economic Cooperation Forum, which closed on Friday in Nanning,
Guangxi's capital city.
"The proposed association is of great importance to building a
financial platform between China and the other six countries in the
Pan-Beibu Bay region since financial injection is a fundamental
element for cooperation in the region," said Liu Qibao, Party
secretary of Guangxi.
The Pan-Beibu Bay area includes China, Brunei, Indonesia,
Malaysia, the Philippines, Singapore and Vietnam.
Under the proposal, a joint financial database for cooperative
projects would also be established to help economic development in
the Pan-Beibu Bay region, according to Liu.
"We welcome domestic and overseas banks, including the Asian
Development Bank and State-owned banks in other Pan-Beibu Bay
countries, to join the association. Private investment
organizations are also encouraged," said Liu.
Both domestic and overseas financial institutions have shown
interest in supporting the effort.
"We have given priority to regional economic cooperation in the
Pan-Beibu Bay area, and later we will dispatch a number of working
groups to countries surrounding the bay to work out details of
cooperation in the financial sector," Chen Yuan, governor of China
Development Bank (CDB), said.
According to Chen, the CDB has promised 24.8 billion yuan to
The proposal to establish a joint financial entity in the
Pan-Beibu Bay area was also supported by Chen.
"The entity, which would be of great importance in providing
financial services for economic cooperation, would push forward
development of big projects between countries surrounding the bay,"
(China Daily July 28, 2007)