Depth report

　　

The "RCEP Regional Financial and Banking Cooperation Conference" hosted by the RCEP Industrial Cooperation Committee was held online and offline on Monday. The meeting reached four-point consensus on the importance and urgency of strengthening financial and banking cooperation among RCEP countries, cooperation measures and mechanism building. It pointed out that strengthening regional bank cooperation is the urgent task of fending off international financial turbulence. Xu Ningning, Chairman of the RCEP Industrial Cooperation Committee and Executive Director General of the China-Asean Business Council, said in his speech that it has been ten months since the Regional Comprehensive Economic Partnership (RCEP) came into effect. Facing the increasingly severe international political and economic situation, we need to strengthen cooperation between the regional financial and banking sectors of the RCEP. It will help the business communities of RCEP countries work together to advance the Regional Comprehensive Economic Partnership (RCEP), tap the potential and space for regional economic growth, and jointly cope with the grim global and regional financial situation.

At the meeting, Xu Ningning put forward four suggestions on strengthening the RCEP regional financial and banking cooperation. The consensus reached by the participants was as follows:

First, we are fully aware that the level and effectiveness of cooperation among countries in the RCEP region has a direct bearing on the economy and people's livelihood of all countries. Finance is an important guarantee for regional economic cooperation, and it is especially necessary to strengthen financial cooperation for regional financial stability. Parties to the RCEP should inject more positive energy into the cooperation and fulfill the commitment under Chapter VIII of the RCEP on Financial Services.

Second, countries in the RCEP region should enhance communication and coordination on fiscal and financial policies and measures. The signing and implementation of the RCEP cannot be achieved without sound communication and coordination among countries. The G20 Summit and APEC Summit to be held in mid-November this year are opportunities for RCEP countries to respond to the challenges of global financial turbulence with a sense of community. We look forward to reaching consensus on cooperation, including fiscal and financial cooperation.

Third, banks in the RCEP region need and have the responsibility to strengthen cooperation. To strengthen regional bank cooperation is the most urgent task to fend off international financial turbulence. Banks in the RCEP region should enhance mutual trust and enhance cooperation in information exchange, risk assessment, cross-border payment and settlement, and project financing in the spirit of cooperation and development. We should establish a sound inter-bank cooperation mechanism to raise the level of cooperation required to seize the opportunities and address the challenges of RCEP opening-up.

Fourth, enhance cooperation between the banking and business communities of RCEP countries. Banks should play their full role in helping the RCEP release dividends, provide fast and convenient financial services to enterprises in the region, and help them avoid financial risks such as interest rate and exchange rate. RCEP regional Banks in regional connectivity, digital economy including cross-border electricity, green economy, the development of small and medium-sized enterprises, and other fields, to expand trade and investment scale, enhance the level of industry chain supply chain resilience and security, maintain the pattern of diversity in the stable international economic and trade relations, should reveal bank as cooperation, hand in hand together the parties to promote regional economic integration.

The conference attracted leaders from more than 30 provincial and municipal governments, more than 40 RCEP national business associations and more than 200 business representatives.