Finance Ministers of ASEAN, China, Japan, ROK Meet in Shanghai

   SHANGHAI, May 10 (Xinhuanet) -- Finance ministers of the ten 
members of the Association of Southeast Asian Nations (ASEAN) and 
China, Japan and the Republic of Korea gathered in Shanghai Friday
afternoon for the fifth finance ministers' meeting of the ASEAN "
ten plus three" group.
   The meeting, held on the sidelines of the 35th annual board 
meeting of the Asian Development Bank (ADB), discussed global and 
regional macroeconomic situations and ways to cement financial 
cooperation in east Asia, and produced a ministers' joint 
statement.
   Chinese Finance Minister Xiang Huaicheng announced that China 
would continue to provide technical assistance to other members of
the ASEAN "ten plus three", and would sponsor seminars to present 
China's experience in economic reform and development.
   In another effort to push ahead with financial cooperation 
within the ASEAN "ten plus three" framework, the Chinese 
government would hold a symposium on short-term capital flow in 
Beijing this October, said Xiang.
   Most finance ministers attending the meeting showed a 
restrained optimism towards the global and regional economic 
situation. All believed that Asia's economy slowed down in 2001, 
affected by the exterior economic environment, and that 
uncertainties still existed despite signs of improvement since the
start of this year.
   However, they vowed to continue with a robust economic policy, 
push ahead with economic restructuring and cement cooperation in 
the ASEAN "ten plus three" framework.
   The meeting has reported positive results since it was first 
held in Manila, capital of the Philippines, in April 1999. 
   The May 2000 meeting agreed on the landmark Chiang Mai 
Initiative, which aims to help its members maintain currency 
stability and prevent financial crises through a network of 
bilateral exchange and repurchase agreement facilities among ASEAN
members, China, Japan and the Republic of Korea.
   To date, members of the "ten plus three" have signed six 
agreements, involving a total of 17 billion U.S. dollars. Enditem