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Asia-Europe financial cooperation has strategic significance: Chinese former vice premier

Xinhua, November 9, 2015 Adjust font size:

Increasing Asia-Europe financial cooperation will be strategically significant to prevent the world economy from falling into a low-growth trap and sustaining the prosperity of the two continents, said a senior Chinese official said on Monday.

Zeng Peiyan, former vice premier of China and vice chairman of the Boao Forum for Asia (BFA), said at the opening plenary session of the BFA financial cooperation conference on Monday, that Asia and Europe are complementary in the international financial system and connectivity between the two continents will be an inevitable trend.

Currently, the financial market in Asia needs to learn from advanced economies which are awash with capital, while the financial services sector in Europe is also eager to tap overseas markets and needs external liquidity to address its debt crisis, said Zeng.

In this sense, mutually beneficial financial cooperation between Asia and Europe promises enormous potential, Zeng stressed.

Zeng pointed out that Asia and Europe can cooperate in many financial areas, including setting up financial institutions such as commercial banks, insurance and financial companies, as well as clearing houses on each other's continents; connecting stock and bond markets, strengthening bilateral and multilateral currency swaps as well as local currency settlement and direct trading gradually enabling capital account and currency convertibility; expanding cooperation in green finance and investment in each other's infrastructure development banks; deepening cooperation between credit agencies and creating a credit rating system in line with the financial market of the 21st century; and maintaining communication and coordination among major Asian and European economies regarding financial and monetary policies.

The Boao Forum for Asia (BFA) conference is on here from Nov. 8 to 10 and convenes more than 400 government, business and academic leaders from 22 Asian and European countries and districts.

It is a post-crisis serial conference organized by the BFA that aims to facilitate regional and inter-regional financial cooperation, and has been held multiple times around the world. The London conference has attracted wide attention and participation.

The conference also aims to address practical issues of financial cooperation, with roundtable discussions organized for businesses to connect with each other. Endit