On May 5th, according to the official website of the Ministry of Finance, the 28th ASEAN+3 Finance Ministers and Central Bank Governors Meeting was held in Milan, Italy on May 4th, 2025. The meeting mainly discussed issues such as the global and regional macroeconomic situation, 10+3 regional financial cooperation, and issued a joint statement. Minister of Finance Lan Fo’an attended and co chaired some of the meeting topics, accompanied by Vice Minister Liao Min. Lan Fo’an stated that the current global economic landscape is undergoing profound adjustments, globalization is facing headwinds, unilateralism and protectionism are on the rise, and unstable and uncertain factors are significantly increasing. The 10+3 regional economy demonstrates strong resilience and has significant growth potential, but also faces complex and severe internal and external challenges. All parties should firmly implement the consensus of the 10+3 Leaders’ Meeting, adhere to multilateralism and free trade, strengthen macro policy communication and coordination, deepen intra regional trade and investment cooperation, maintain stable and smooth supply chains, and make greater contributions to regional economic and financial stability and integration processes. Lan Fo’an stated that the Central Conference on Neighborhood Work held by China in early April proposed to consolidate strategic mutual trust with neighboring countries, deepen development integration, and work together to create a better future. China is willing to work with the 10+3 parties to adhere to openness, inclusiveness, solidarity and cooperation, continuously deepen regional financial cooperation, and respond to the instability and uncertainty of the world with the stability and certainty of our region. On behalf of the Chinese side, Lan Fo’an announced an additional donation of 4 million US dollars to the China Technical Assistance Trust Fund of the 10+3 Macroeconomic Research Office (AMRO), and witnessed the signing ceremony of the donation to further support regional members in strengthening macroeconomic monitoring and maintaining financial stability capacity building. The meeting supported the update of the 10+3 financial cooperation strategic direction, agreed to launch technical assistance tools focusing on medium and long-term structural issues, affirmed the progress of the Chiang Mai Initiative’s multilateral financing model discussion, welcomed the smooth transition of AMRO executives, the successful expansion of the 10+3 financial intelligence bank network, the deepening development of the regional local currency bond market, and approved the concept document of the future roadmap for disaster risk financing initiative. Prior to the meeting, Lan Fo’an also presided over the finance ministers and central bank governors’ meeting of China, Japan, and South Korea, as well as the first 10+3 finance ministers’ closed door exchange meeting. During the 10+3 finance ministers’ closed door exchange meeting, he highlighted China’s fiscal policy in effectively balancing the relationship between promoting economic growth and maintaining long-term fiscal sustainability, and addressing the challenges of population aging. During the conference, Lan Foan held bilateral meetings or exchanges with Malaysian Finance Minister Amir Hamza, Indonesian Finance Minister Injaya, Japanese Finance Minister Katsuyuki Kato, and others, mainly exchanging views on the global and regional macroeconomic situation, 10+3 financial channel cooperation, and key issues of bilateral cooperation. Vice Minister Liao Min accompanied the attendance.
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