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Fiscal, monetary strategy mulled as East Asia's economic policymakers meet in Laos

Xinhua, April 2, 2016 Adjust font size:

Policymakers from East Asia's major economies welcomed a mild pickup in global economic activities despite demand-side weaknesses as finance and central bank deputies began a two-day meeting in the Lao capital.

Representatives from China, South Korea and Japan joined South-East Asian counterparts for the two-day ASEAN+3 Finance and Central Bank Deputies Meeting opened Saturday in the Lao capital.

The region's peak financial officialdom and central bankers are looking to chart a way forward for fiscal and monetary policy respectively amid uncertainties from economic rebalancing underway in China, the impact of U.S. Federal Reserves rate signals on regional economies, capital volatility and currency fluctuations.

Structural reforms in order to increase growth potentials, improve business climates, diversification of export bases and the use of floating exchange rates as economic shock absorbers were among policy prescriptions from representatives of international financial institutions offered in presentations to the high-level gathering.

Regional cooperation via the so-called Chiang Mai initiatives Multilateralization (CMIM), the Credit Guarantee and Investment Facility (CGIF) and ASEAN+3 Bond Market Forum were discussed during meetings underway at Vientiane's Lao National Convention Centre.

The results will occupy agenda time at Monday's 20th ASEAN Finance Ministers' Meeting (20th AFMM), 12th ASEAN Central Bank Governors' Meeting (12th ACGM) and 2nd ASEAN Finance Ministers'and Central Bank Governors' Joint Meeting (2nd AFMGM) set for the same venue.

The agenda set in Vientiane is expected to be endorsed at ASEAN+3 Finance Ministers and Central Bank Governors Meeting co-chaired by Laos and China set to be held in Frankfurt, Germany in May on the sidelines of Asian Development Bank (ADB) Annual Meetings.

Meanwhile, ASEAN+3 Finance and Central Bank Deputies are due to meet again in China's Sichuan Province in November. Enditem