By Zhou Erjie, Wang Jingzhong

    BALI, Indonesia, May 6 (Xinhua) -- During the four-day annual meeting of the Asian Development Bank (ADB), delegates, despite their various backgrounds, hold one idea firmly in mind: only when Asian nations unite, can they survive the deepening crisis and recover to prosperity.

    During the meeting, finance ministers of the ten-member Association of Southeast Asian Nations (ASEAN), China, Japan and South Korea (ASEAN+3) agreed "on all main components" of the so-called "Chiang Mai Initiative Multilateralization" (CMIM) and pledged to implement it by the end of this year.

    The agreement reached on Sunday sent a strong message to the world that Asia is willing to act cooperatively and responsibly in face of the daunting tasks ahead. It also pushed regional financial cooperation a big step forward.

    Just before the annual meeting started, ADB approved its plan of the largest capital increase in the 43-year history of the lender. The plan to triple ADB's capital base -- from 55 billion U.S. dollars to a staggering 165 billion -- won the votes of overwhelming majority of its 67 members.

    This approval of the capital increase showed that Asian nations' high expectation of ADB's role as a premier development partner in the region. It will help ADB to boost its support to countries affected by the global downturn, and give the lender the financial capability to pursue longer term development priorities in the region.

    Within a week, Asia made two important steps in cooperation, which in turn underlines the acknowledgment that no country can recover from the crisis all by itself.

    For Asia, the lesson is learned not without costs. Events in history such as the financial crisis almost a decade ago, SARS epidemic in 2003 are both examples of cooperation driven by crisis. Now in face of the global economic downturn, cooperation bears more urgency than ever.

    Export-reliant Asian economies have been hit hard by collapsing demand in the United States and Europe, as recession-hit consumers and companies cut back on spending.

    As it has been very difficult to rely on external demand for Asia's source of growth, Asian nations must build up intra-regional demand under various regional cooperation mechanisms.

    Within ADB's framework are three main existing mechanisms, namely Greater Mekong Subregion (GMS) Program, Central Asian Regional Economic Cooperation Unit (CAREC) and South Asia Subregional Economic Cooperation (SASEC) initiative. These mechanisms, if implemented effectively, will have a big boost on Asia's economy.

    Last but not least, Asian nations should avoid protectionism of any kind at this time. Trade barriers are dangerous constrains to Asia's recovery.