But better if we , ASEAN+3, change our whole economic strategy. We all should no longer be export oriented economies but balanced economies with little surplus.
I mean, we could be tempted to turn an Europe-USA oriented economies into China oriented economies. That would be wrong. Peace and best wishes. Xi Asia May Resist Tapping $120 Billion Fund as Region Improves http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aOz3u8ezDLU4 On May 4, 7:39 pm, xi <[email protected]> wrote: > My comment: It is impressive to see actions matching deadlines and > commitments within this group. This is very important for the global > economy as, in fact, this group is funding the global economy. Next > deadline is December, 31st. > > ASEAN+3 finalize details of regional reserve pool to cope with > crisishttp://news.xinhuanet.com/english/2009-05/03/content_11306037.htm > > BALI, Indonesia, May 3 (Xinhua) -- Details of a sizeable foreign > currency reserve pool among the Association of Southeast Asian > Nations, China, Japan and South Korea (ASEAN+3) were finalized here on > Sunday, two years after the initiative was first introduced to combat > emergent financial problems. > > Finance ministers of the ASEAN+3 nations reached the agreement on > all main components of regional reserve pool, known as Chiang Mai > Initiative Multilateralization (CMIM), and it will be implemented > before the end of this year. > > The agreement on the CMIM includes "the individual country's > contribution, borrowing accessibility, and the surveillance > mechanism," said a statement issued after the finance ministers' > meeting. > > The total size of the CMIM is 120 billion U.S. dollars with the > contribution portion between ASEAN and the Plus Three countries at 20 > percent versus 80 percent. > > China and Japan will each contribute 38.4 billion U.S. dollars to > the pool, while South Korea will contribute 19.2 billion dollars. > > Among China's portion, Hong Kong Special Administrative Region > will contribute 4.2 billion U.S. dollars. "We welcome Hong Kong, > China, to participate in the CMIM," said the statement. > > The CMIM is set up to "address short-term liquidity difficulties in > the region and to supplement the existing international financial > arrangements," the statement said. > > The ministers agreed to establish an independent regional > surveillance unit to monitor and analyze regional economies and > support CMIM decision-making. As a start, there would be an advisory > panel of experts to work closely with the Asian Development Bank (ADB) > and the ASEAN Secretariat. > > In the statement, the ministers also endorsed the establishment of > the Credit Guarantee and Investment Mechanism (CGIM) as a trust fund > of the ADB with an initial capital of 500 million U.S. dollars. It > could be increased once the demand is fully met. > > "It's a welcoming step in coping with the crisis, and an important > step to the financial architecture of the region and it will infuse > confidence to the market," said ADB Managing Director General Rajat > Nag after the meeting, referring to the finalization of the CMIM. > > Asked whether the CMIM is meant to replace the role International > Monetary Fund plays in the region, he said the mechanism is only "good > complement" to what IMF does. > > "Gladly, we don't have the situation like in the U.S. or Europe > but it's better to be prepared. Once there is a need, we are able to > present our concerns and there is facility there," said Philippine > Finance Secretary Margarito B. Teves." It is a helpful matter for the > market." > > "It's done, there would be no blocking stone toward the final > implementation of reserve pool," said Thai finance minister Korn > Chatikavanij. --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "World-thread" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/world-thread?hl=en -~----------~----~----~----~------~----~------~--~---
