China, Japan, S Korea vow ‘targeted’ support for recovery from corona

4 May, 2021 12:00 AM printer

TOKYO: Finance ministers and central bank governors from China, Japan and South Korea on Monday vowed “targeted” measures for those countries most affected by the COVID-19 pandemic, and committed to foster fiscal and financial stability.

In a joint statement issued after a virtual meeting held on the sidelines of the Asian Development Bank’s (ADB) annual meetings, the ministers pledged to achieve inclusive recovery, preserve long-term fiscal sustainability and maintain financial stability, report agencies.

Responses to the coronavirus crisis, universal health coverage, climate change, high-quality infrastructure and debt transparency and sustainability in emerging Asia are expected to top the agenda at the ADB gatherings.

“The regional outlook has improved, with continued policy support and growing vaccine coverage,” the financial leaders from the three countries said in a statement.

“However, we should remain vigilant as the economic recovery has been uneven across and within member economies, uncertain and subject to elevated downside risks.” The three Asian economic powerhouses also said they will explore new initiatives to strengthen the ASEAN Plus Three regional financial safety net at the virtual meeting on Monday with the 10-member Association of Southeast Asian Nations (ASEAN).