Chinese finance official urges firm support for multilateral trading system

MANILA, May 4 (Xinhua) -- China's Vice Finance Minister Yu Weiping on Friday called for firm support for multilateralism and upholding the multilateral trading system to promote trade and investment liberalization and facilitation.

Yu made the call at a meeting of finance ministers and central bank governors of ASEAN (Association of Southeast Asian Nations), China, Japan and South Korea (ASEAN+3), which was held here in Manila.

Yu said the current world economy is maintaining the momentum of recovery; however, such risks as rising trade protectionism and trade frictions as well as medium- and long-term structural challenges should not be ignored.

Noting that this year marks the 40th anniversary of China's reform and opening-up, Yu highlighted that four decades of reform and opening-up has been transforming China profoundly and making a big impact on the world.

China will unswervingly push forward reform and opening-up so as to achieve high-quality development, he said, adding that sustained and sound growth of Chinese economy will make positive contributions to the development and prosperity of the region.

The finance ministers and central bank governors reaffirmed in the meeting their commitment to resisting "all forms of protectionism" as well as to "an open and rules-based framework for multilateral trade and investment to support global economic growth and development."

"We also recognize the importance of resisting all forms of protectionism, enhancing integration through deepening intra-regional trade, investment linkages, and improving connectivity, while at the same time maintaining our strong trade and investment linkages with the rest of the world," they said in a joint statement at the end of the meeting. Enditem