TIANJIN, June 26 (Xinhuanet) -- The Sixth Finance Ministers' Meeting of the Asia-Europe Meeting (ASEM-FMM) passed the Chairman's Statement. Following is the full text of the document:

    I. Introduction

    1. The Sixth ASEM Finance Ministers'Meeting (ASEM FMM) was held in Tianjin, China, on 26 June 2005. It was attended by Finance Ministers of the ASEM member countries and the European Commission.The President of the Asian Development Bank, the Deputy Managing Director of the International Monetary Fund, the Managing Directorof the World Bank and the Vice President of the European Central Bank attended as guests. Ministers welcomed the participation of Finance Ministers of the thirteen new members.

    2. His Excellency Wen Jiabao, Premier of the People's Republic of China, opened the meeting and emphasized the increasingly important role of the Finance Ministers in fulfilling the ASEM Leaders' Declaration on Closer ASEM Economic Partnership adopted by the ASEM Leaders at their Fifth Summit Meeting in Hanoi in October 2004.

    3. Ministers convened under the policy theme of Closer ASEM Economic and Financial Cooperation. Ministers took stock of the current global and regional macroeconomic developments and discussed the policy challenges and responses to promote broad-based and sustainable growth in Asia and Europe. Ministers also exchanged views on the global development agenda. They reaffirmed their commitment to deepening the economic and financial cooperation between the two regions through constructive policy dialogues and action-oriented programs.

    II. Global and Regional Economic Development

    4. Ministers noted that the world economy performed very well in 2004, with the highest global growth in three decades. They expected global growth to remain robust in 2005, benefiting from still accommodative macroeconomic policies, improved corporate balance sheets and supportive financial conditions. On the regional prospects, Ministers noted that East Asia will continue to experience rapid growth and to serve as a major driver for the global economy. The euro area will see more modest growth, whereasemerging Europe will achieve well sustained growth in 2005.

    5. Ministers also noted several downside risks to global and regional growth. Continued high and volatile oil prices pose a risk to global growth, including to oil-dependent emerging and developing economies. Another risk is that inflation, while currently subdued, could increase in some countries as the currentglobal expansion continues. It remains important to continue to avoid any second round effects of the oil price increase. Ministers called for increased production by the oil producing countries, improved provision of data on oil production, demand and stocks, and a climate conducive to oil investment throughout the supply chain. Ministers also stressed the importance of investing in new capacity, conserving energy, developing alternative fuels, and increasing energy efficiency. To this end, Ministers agreed on the need to improve the on-going coordination between the oil producing and consuming countries through strengthened dialogue, and to enhance transparency in the oil market.

    6. Ministers expressed their serious concerns about the global imbalances. Ministers stressed the importance of reducing these imbalances to ensure stable and sustainable conditions for promoting global economic growth in the medium term. To this end, they recognized the need for a multi-pronged approach involving all countries concerned to implement appropriate policies to contribute to an orderly global readjustment.