A few days ago, the RCEP regional financial bank cooperation meeting was held. The meeting reached a four-point consensus on the importance and sense of urgency, cooperation measures, and mechanism building of countries in the RCEP region to strengthen financial and bank cooperation. The meeting emphasized that regional financial stability requires, inter alia, enhanced financial cooperation.
Xu Ningning, chairman of the RCEP Industrial Cooperation Committee and executive director of the China-ASEAN Business Council, said in his speech that the RCEP Agreement has been in force for ten months. Facing the increasingly severe international situation, strengthening the financial and banking cooperation in the RCEP region will benefit the RCEP region National business circles cooperate to promote the construction of regional comprehensive economic partnerships, develop regional economic growth potential and space, and jointly respond to the current severe situation facing global and regional finance.
At the meeting, Xu Ningning put forward four suggestions on strengthening RCEP regional financial and bank cooperation, and the "Consensus of the Meeting" reached after the exchange of representatives at the meeting:
One is to fully realize that the degree and effectiveness of cooperation among countries in the RCEP region is directly related to the economy and people's livelihood of each country. Finance is an important guarantee for promoting regional economic cooperation, and regional financial stability especially requires strengthening financial cooperation. All parties to RCEP should effectively inject more positive energy into cooperation and fulfill their commitments in Chapter 8 "Financial Services" of the RCEP agreement.
Second, the fiscal and financial policies and measures of countries in the RCEP region should enhance communication and coordination. The realization of the purpose of signing and implementing RCEP is inseparable from sound communication and coordination among countries. ASEAN is the initiator and leader of RCEP. The ASEAN region will hold the 2022 East Asia Summit, the G20 Summit and the APEC Summit in mid-November this year. We look forward to reaching a consensus on cooperation including finance and finance.
Third, it is necessary and responsible to strengthen cooperation among banks in the RCEP region. Strengthening regional bank cooperation is an urgent task to resist international financial turmoil. Banks of countries in the RCEP region should enhance mutual trust with the concept of cooperative development, and strengthen cooperation in information exchange, risk assessment, cross-border payment settlement, and project financing.
