Chinese banker proposes ASEAN financial co-op

17  January 2013

NANNING — China’s vice central bank governor addressed the ninth China-ASEAN Expo on Saturday, calling for deepening financial cooperation between China and members of the Association of Southeast Asian Nations.

China and ASEAN members should enhance financial policy coordination and step up cooperation in areas such as financial market stability and anti-money laundering, Pan Gongsheng, deputy governor of the People’s Bank of China, said during the event in Nanning, capital city of Guangxi Zhuang autonomous region.

Pan urged concerted efforts from the two sides to intensify monitoring of cross-border capital flows and draw out a cooperation mechanism on inter-bank local currency clearing.

He also advised the two sides to improve currency swap mechanisms, continue to implement the China-ASEAN free trade area agreements and further open up their financial markets to each other.

After the establishment of the China-ASEAN free trade area on Jan 1, 2010, bilateral trade has entered full swing. Trade between China and ASEAN members totaled $362.8 billion last year, rising from only $54.8 billion in 2002.

China is the largest trading partner of the ASEAN, while the ASEAN ranks as China’s third-largest trading partner.