The 25th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM+3) was convened virtually on 12 May, 2022. The meeting discussed issues such as global and regional macroeconomic landscape, ASEAN+3 regional financial cooperation. A joint statement was released after the meeting. Liu Kun, Minister of Finance of the People’s Republic of China, Chen Yulu, Deputy Governor of the People’s Bank of China, Dr. Aun Pornmoniroth, Deputy Prime Minister and Minister of Economy and Finance of the Kingdom of Cambodia, and Sum Sannisith, Deputy Governor of the National Bank of Cambodia co-chaired the meeting.

The meeting acknowledged the benefits from the relatively high vaccination rates and targeted containment measures. As a result, the ASEAN+3 region saw robust growth of around 6 percent in 2021. Recovery is anticipated to continue in 2022, however, the region also faces downside risks such as the sharper-than-expected monetary policy normalization in some major advanced economies, supply chain disruptions, and spillover effects of the Russia-Ukraine conflict. All members are committed to continuing supportive policies and enhancing support for new and growing sectors, in order to promote sustainable economic recovery. At the same time, all members are determined to preserve monetary and financial stability and long-term fiscal sustainability, and safeguard against downside risks and negative spillovers.

The meeting reiterated its firm commitment to an open and rules-based multilateral trade and investment system, welcome and fully support the coming into force and implementation of the Regional Comprehensive Economic Partnership, as well as the continued progress in the United Nations 2030 Agenda for Sustainable Development to achieve stronger, greener and more balanced global development.

The meeting fully recognized the importance of ASEAN+3 Financial Cooperation, and agreed to further strengthen cooperation. All members are committed to improving CMIM operationalization, and further strengthening the regional financial safety net. The meeting commended the achievements made by the ASEAN+3 Macroeconomic Research Office (AMRO) since its establishment 10 years ago, and will support it to develop its new Strategic Direction (SD), strengthen its role as a Regional Knowledge Hub (RKH), build a regional think-tank network, and better serve ASEAN+3 Financial Cooperation. All members affirmed the ABMI's continued progress toward implementing the ABMI Medium-Term Road Map 2019-2022, and commended the Credit Guarantee and Investment Facility (CGIF)’s on-going efforts to expand and innovate the issuance of local currency bonds. All members welcomed the progress made under the Future Initiatives, and looked forward to the discussions and suggestions regarding the new initiatives of Financial Digitalization and Transition Finance.

Liu Kun pointed out that at the moment, global economic recovery and growth faces new challenges. As Chinese President Xi Jinping stressed at the Opening Ceremony of the Boao Forum for Asia Annual Conference 2022, “we must firm up confidence, press ahead against all odds, and make new strides in mutually beneficial cooperation.” Premier Li Keqiang has also provided a range of policy recommendations to deepen regional cooperation at the ASEAN+3 Leaders’ Summit last year. China is willing to continue to deepen pragmatic financial cooperation with all members: First, supporting further development and growth of AMRO, and enabling it to better serve ASEAN+3 macroeconomic policy dialogue and financial cooperation process. Second, promoting innovative regional financial cooperation, and opening up new areas of cooperation. Third, deepening Asian Bond Market development to fulfill the financing needs of future development for the region.

Liu said, China's economy got off to a generally stable start in 2022. Facing the complicated and challenging situations of pandemic prevention and control, China adopted a “dynamic zero-COVID policy” as well as robust and effective containment measures. While maintaining domestic economic and social development, China has made an important contribution to the stability and smooth flow of the global industrial supply chain as well as the growth of the world economy. China will keep responding to COVID-19 and pursuing economic and social development in a highly efficient and well-coordinated way, further strengthen the implementation of macro policies, keep implementing proactive fiscal policy and make it more effective, and contribute to stabilizing the world economy.