APEC Focuses on Maintaining Growth

Financiers from the 21 Asia Pacific Economic Co-operation (APEC) member economies vowed yesterday to make more efforts to help the regional economy emerge from a global downturn and promote sustained growth.

Financiers and bankers attending the Seventh APEC Financiers' Group (AFG) Meeting, pledged to improve services, broaden financing channels for businesses, promote electronic commerce and increase lending to small and medium-sized enterprises.

The participants agreed that the region's financial institutions should improve their internal risk-control mechanisms and optimize asset-debt structures to enhance efficiency in their services and ensure financial stability.

The AFG meeting, designed to provide policy recommendations for the region, ended yesterday in Suzhou, East China's Jiangsu Province. Xu Jiasheng, secretary-general of the meeting, said top priority was placed on stimulating economic growth. Representatives from the member economies also agreed that APEC economies should create macroeconomic policies which provide a fair competitive arena for business communities,

Xu said improved transparency was discussed and financial institutions and policymakers should aim towards better communication.

He also said orchestrated efforts should be made to develop financial systems and boost the growth of capital markets, bond markets in particular, to make diversified financial resources available to businesses.

"Strengthening ties between financial regulatory bodies and financial institutions will optimize policymaking and ensure prompt and efficient implementation of financial policies," Xu said.

Participants also underscored the importance of a sound financial supervision system in accelerating economic growth, urging joint efforts in establishing a financial risks alarm system to prevent financial crises in the region.

Xu also urged for the establishment of a training agency by APEC member economies to train financiers in the region and improve the efficiency of financial supervision.

( Chinadaily.com.cn 09/10/2001)

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