The attendees discussed issues such as the global and regional macroeconomic outlook, ASEAN+3 Macroeconomic Research Office (AMRO), Chiang Mai Initiative Multilateralisation (CMIM), ASEAN Plus Three future initiatives, as well as the Asian Bond Markets Initiative (ABMI). Yu chaired the China-Japan-Korea Finance and Central Bank Deputies' Virtual Meeting on behalf of China, which is chair of China-Japan-Korea financial cooperation this year.
Yu briefed the attendees on China's economic progress in 2021 as well as growth targets and macroeconomic policies in 2022. He underscored the importance for all parties to strengthen macro policy coordination and pragmatic cooperation against the backdrop of mounting risks and challenges currently facing East Asia. He added that China is willing to work with all parties to implement the Global Development Initiative put forward by President Xi Jinping and jointly boost regional economic recovery and growth.
Yu stressed that this year marks the 25th anniversary of the ASEAN Plus Three cooperation, and it is also a crucial year for all parties to further regional economic integration. At the 2021 ASEAN Plus Three Summit, Premier Li Keqiang put forward important proposals, including the need to energize financial cooperation. China is willing to work with all parties to deliver on the agreement of the Summit, set up planning, promote innovation, to further enrich regional financial cooperation, safeguard economic and financial stability in the region, and jointly build a more open and inclusive East Asia of sustainable development.
At the meeting, on behalf of the Chinese government, Yu announced a contribution of $3 million to the China Technical Assistance Trust Fund under the AMRO to enhance its role to provide technical assistance to ASEAN Plus Three member economies and set up regional knowledge centers, so that it can provide better services for the ASEAN Plus Three financial cooperation.