APEC debates financial reforms<\/p>\n
LANGKAWI, Malaysia (AFP): APEC central bankers and finance
\nofficials opened talks Thursday to lay the groundwork for the
\ngroup's finance ministers to reinforce reforms to hasten an Asian
\neconomic recovery.<\/p>\n
Representatives from all 21 economies of the Asia-Pacific
\nEconomic Cooperation (APEC) forum attended the informal talks at
\nthe popular resort island of Langkawi in northwestern peninsular
\nMalaysia.<\/p>\n
Finance ministers of APEC, whose economies account for about
\n60 percent of world output, meet annually to discuss current
\neconomic and financial themes and other topics proposed by
\nleaders at their annual summits.<\/p>\n
A senior North American finance official told AFP that among
\nthe \"main themes\" at the talks Thursday were Asia's recovery from
\nfinancial and economic turmoil and strengthening the region's
\nfinancial sectors.<\/p>\n
He said the officials began preparing a joint communique to be
\ndebated and adopted by the finance ministers Sunday at the end of
\ntheir two-day meeting.<\/p>\n
Deputy U.S. Treasury Secretary Lawrence Summers, nominated to
\ntake over from Robert Rubin who announced his resignation
\nWednesday as Treasury Secretary, would arrive here just before
\nthe meeting starts Saturday, officials said.<\/p>\n
Summers was expected to reiterate that Asian nations must keep
\nup the pace of reforms even though they were recovering
\nsatisfactorily from the crisis triggered by rapid currency
\ndeclines starting in mid-1997, they said.<\/p>\n
Japanese Finance Minister Kiichi Miyazawa is to propose
\nsetting up a new bond market in which Asian countries can raise
\nfunds to aid their recovery with Japanese government backing,
\nnews reports say.<\/p>\n
World Bank president James Wolfensohn, International Monetary
\nFund managing director Michel Camdessus and Asian Development
\nBank president Tadao Chino are also scheduled to attend.<\/p>\n
Officials said Thursday's meeting would prepare a host of
\nissues for consideration by finance deputies on Friday before a
\nconsensus draft communique is forwarded to the ministers.<\/p>\n
A World Bank senior economist told AFP that the talks would
\nalso consider strengthening social safety nets for people hit
\nhard by the crisis, which had caused one of the most severe
\nrecessions in the region.<\/p>\n
He added that efforts towards financial and corporate
\nrestructuring as well as reforms proposed under the so-called new
\ninternational financial architecture featured prominently in the
\ntalks.<\/p>\n
\"We will see how APEC can help to increase surveillance of the
\nbanking sector,\" the economist said.<\/p>\n
APEC deputies were also scheduled to meet with representatives
\nof the forum's Financiers Group, comprising mostly private
\nbankers, later Thursday.<\/p>\n
The Financiers Group will hold a day of talks separately
\nFriday on the sidelines of the meeting of APEC deputies to
\nconsider proposals to develop bond markets in Asia as another
\nchannel to raise funds to fuel recovery.<\/p>\n
Formed in 1989, APEC comprises Australia, Brunei, Canada,
\nChile, China, Hong Kong, Indonesia, Japan, Malaysia, Mexico, New
\nZealand, Papua New Guinea, Peru, the Philippines, Russia,
\nSingapore, South Korea, Taiwan, Thailand, the United States and
\nVietnam.<\/p>",
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