ASEAN, China, Japan, South Korea Pledge to Boost Financial Stability

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According to a joint statement released on May 3, the finance ministers and central bank governors of ASEAN, Japan, South Korea and China have pledged to use all policy tools to ensure a sustainable economic recovery while the risk of COVID-19 remains, as reported by Reuters on the next day. The finance leaders said to provide targeted measures to countries heavily affected by the COVID-19 and pledged to promote fiscal and financial stability. In their joint statement, they pledged to achieve an inclusive economic recovery, long-term fiscal sustainability and financial stability.

The statement was issued on the sidelines of the Asian Development Bank's annual gathering, with top focuses on emerging Asia's response to the epidemic, universal health coverage, climate change, quality infrastructure, and debt transparency and sustainability. Japan, South Korea and China also vowed to explore new initiatives to strengthen the regional financial safety among the three countries. China continues to increase its collaboration with the ASEAN regional economy, driving the overall growth of China's foreign trade with ASEAN by 5.6 percentage points in the first quarter of 2020.

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