Japan, China, S. Korea to Back SE Asia Infrastructure Projects

Politics

Nadi, Fiji, May 2 (Jiji Press)--The finance ministers and central bank governors of Japan, China and South Korea agreed Thursday to support a plan to set up a new financing framework aimed at utilizing more private-sector funds for infrastructure investment in Southeast Asian countries.

Also in their meeting, the top financial officials confirmed a policy of including the yen and the Chinese yuan as currencies for mutual provision in a regional currency swap arrangement.

Against the backdrop of escalating global trade friction, the officials reaffirmed their "commitment to resisting all forms of protectionism," according to a joint statement released after the meeting.

The gathering was held on the sidelines of the annual meeting of the Asian Development Bank that opened in the Fiji resort city of Nadi on Thursday for a three-day run.

The top financial officials of three countries also held a meeting with their counterparts of the members of the Association of Southeast Asian Nations and shared the importance of the new framework for infrastructure investment.

[Copyright The Jiji Press, Ltd.]

Jiji Press