ASEAN Plus Three

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EliScholar – A Digital Platform for Scholarly Publishing at Yale YPFS Resource Library 5-10-2002 Joint Ministerial Statement of the ASEAN+3 Finance Ministers Meeting, 10 May 2002, Shanghai, People's Republic of China (Fifth AFMGM+3) ASEAN Plus Three https://elischolar.library.yale.edu/ypfs-documents2/644  This resource is brought to you for free and open access by the Yale Program on Financial Stability and EliScholar, a digital platform for scholarly publishing provided by Yale University Library. For more information, please contact ypfs@yale.edu. 2/10/23, 4:18 PM APT » Joint Ministerial Statement of the ASEAN+3 Finance Ministers Meeting, 10 May 2002, Shanghai, People’s Republic of China (Fifth AFMGM+3)https://aseanplusthree.asean.org/joint-ministerial-statement-of-the-asean3-finance-ministers-meeting-10-may-2002-shanghai-peoples-republic-of-china/ 1/25  AFMGM+3, 2002Joint Ministerial Statement of the ASEAN+3 Finance Ministers Meeting, 10 May 2002,Shanghai, People’s Republic of China (Fifth AFMGM+3)Shanghai, China     May     Introduction . We, the Finance Ministers of ASEAN, China, Japan and the Republic of Korea (ASEAN +  )convened our meeting in Shanghai to exchange views on recent economic and financialdevelopments, and policies being adopted by our member countries to sustain the momentumof economic growth. We also reviewed the progress of and discussed further regional financialcooperation initiatives, including the Chiang Mai Initiative, e orts to strengthen regional policydialogue, monitoring of capital flows, and early warning system. . H.E. U Khin Maung Thein, Minister for Finance and Revenue, Union of Myanmar, presidedover the Meeting.Recent Economic and Financial Developments in the Region . We exchanged views on recent economic developments in member countries and noted thatgrowth in the regional economies moderated in     , as a result of weak global demand thatwas exacerbated by the September    incidents in the United States. To mitigate the impact ofweak external demand and to sustain economic growth, most member countries adopted anaccommodative monetary stance and implemented expansionary fiscal measures. Despite theeconomic slowdown, member countries continued to make substantial progress on financialand corporate sector restructuring as well as structural reforms. . We noted that signs of recovery in the United States and Europe have emerged since earlierthis year. While uncertainties remain, we are confident that the global economy is set togradually recover this year, with increased momentum in the second half of the year. In thisconnection, we stressed the importance of appropriate measures to facilitate sustainableeconomic growth. We shall put greater e orts to expedite structural reforms, particularly toenhance the regulatory and supervisory framework, and measures to accelerate the pace ofon-going financial and corporate sector restructuring.Strengthening East Asia Financial Cooperation . On regional financing arrangement, we are pleased that significant progress has been madein the implementation of the Chiang Mai Initiative. To date, six bilateral swap arrangements(BSAs) between Japan-Korea, Japan-Thailand, Japan-the Philippines, Japan-Malaysia, China-Thailand, and China-Japan with a combined size of USD    billion, have been concluded andsigned. Negotiations on two BSAs between China-Korea and Korea-Thailand are already at anadvanced stage while substantial agreements on the two BSAs between Korea-Malaysia andKorea-the Philippines have been reached. Another four BSAs between Indonesia-Japan, Japan-Singapore, China-Malaysia and China-the Philippines have been initiated. In addition, in linewith the Chiang Mai Initiative, the existing swap arrangements between Japan-Korea andJapan-Malaysia have been renewed with the combined size of USD  .  billion. . Since May last year, the ASEAN+  Study Group comprising senior finance and central banko icials had met twice to discuss frameworks and modalities to enhance the e ectiveness ofour economic review and policy dialogue. Resulting from that, our finance and central bankth Ministerial-level Statements  Economic Cooperations  AFMGM+ AFMGM+3ASEAN Plus Three Finance Ministers andCentral Bank Governorsʼ MeetingYear 20022/10/23, 4:18 PM APT » Joint Ministerial Statement of the ASEAN+3 Finance Ministers Meeting, 10 May 2002, Shanghai, People’s Republic of China (Fifth AFMGM+3)https://aseanplusthree.asean.org/joint-ministerial-statement-of-the-asean3-finance-ministers-meeting-10-may-2002-shanghai-peoples-republic-of-china/ 2/2deputies would meet informally once a year to discuss economic and policy issues. The firstsuch meeting was held successfully in Myanmar on   April     . We remain committed toenhancing the policy dialogue process in the region. . On the monitoring of capital flows, we noted that seven countries, namely Brunei, Indonesia,Japan, Korea, the Philippines, Thailand and Viet Nam, agreed to bilateral exchange of short-term capital flows data. We welcomed the Japan-ASEAN Financial Technical Assistance Fundʼson-going contributions to strengthen the monitoring systems of capital flows in ASEANmember countries. To further enhance monitoring and prudential management of short-termcapital flows, a high-level seminar on short-term capital flows will be held in Beijing in Octoberthis year. . We noted with appreciation the ADBʼs technical support for the development of a regionalearly warning system and its regular update on East Asian economic and financialdevelopments. We looked forward to an early successful conclusion of this exercise anddistribution of this prototype among ASEAN+  member countries. . We also appreciated Chinaʼs continued e ort to arrange the training course on EconomicReforms and Development in China for the ASEAN +   finance and central bank o icials.The ASEAN Secretariat  A Jalan SisingamangarajaJakarta      (+    )       ,        (+    )       ,        public@asean.orgLinksASEAN WebsiteCambodia's ASEAN ChairmanshipEast Asia Business Council        © Copyright ASEAN+ 

Joint Ministerial Statement of the ASEAN+3 Finance Ministers Meeting, 10 May 2002, Shanghai, People\u27s Republic of China (Fifth AFMGM+3)

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Joint Ministerial Statement of the ASEAN+3 Finance Ministers Meeting, 10 May 2002, Shanghai, People\u27s Republic of China (Fifth AFMGM+3)

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