Asian economic chiefs outline reform commitment<\/p>\n
FUKUOKA, Japan (AFP): Finance chiefs outlined yesterday their
\ncommitment to reform at the Asian Development Bank annual meeting
\nhere as differences over the entry of North Korea simmered on the
\nsidelines.<\/p>\n
At the bank's 30th anniversary meeting, finance ministers and
\ncentral bankers from major Asian economies vowed to stick to the
\nroad of reform.<\/p>\n
Finance ministers and central bankers from China, the
\nPhilippines, Indonesia and Vietnam expressed confidence in reform
\nand their economic futures.<\/p>\n
India pledged to press ahead with change but without risking
\neducation and health.<\/p>\n
The United States, meanwhile, called for change at the bank
\nitself, urging that it give greater support to the private sector
\nwhile maintaining its key role of easing poverty.<\/p>\n
Indonesian Finance Minister Mar'ie Muhammad said his country's
\neconomy was likely to expand at a rapid pace this year with
\nlittle sign of overheating.<\/p>\n
\"We are confident that the economy will again register strong
\neconomic growth in 1997,\" he told the annual meeting, citing the
\npositive impact of recent deregulatory steps.<\/p>\n
\"Despite the strong expansion, the Indonesian economy has
\nshown few signs of overheating,\" he said.<\/p>\n
People's Bank of China governor Dai Xianglong forecast
\neconomic growth of eight percent and inflation below six percent
\nin the next few years.<\/p>\n
Dai said the Chinese economy had now \"embarked on a track of
\nsustained, rapid and healthy growth\" following various concerted
\nefforts.<\/p>\n
\"The macro economic adjustment that was primarily designed to
\noverhaul inflation has reached expected goals,\" the central bank
\ngovernor said.<\/p>\n
He also promised to strengthen the role of Hong Kong as a key
\nfinancial base after the British colony reverts to Chinese rule
\non July 1.<\/p>\n
\"Hong Kong's role as an international financial center will
\ncontinue to be maintained and strengthened,\" Dai said.<\/p>\n
Transformation<\/p>\n
Philippine Finance Secretary Roberto de Ocampo said the
\ncountry would accelerate economic reforms to sustain its recent
\ntransformation from the \"sick man of Asia\" to the region's \"new
\ntiger,\"<\/p>\n
\"We shall not allow seeming success to lull us to sleep,\" he
\ntold the annual meeting of the Asia Development Bank (ADB).<\/p>\n
\"Indeed, this has been our prod to push further in the road of
\nreform-comprehensive tax reform, deregulation and privatization,
\nstrengthening bank regulation and supervision, and more openness,
\ntransparency and depth in the capital market.\"<\/p>\n
Indian Finance Minister P. Chidambaram joined his colleagues
\nin vowing to press ahead with fiscal reforms but added that his
\ngovernment was not about to sacrifice spending on education and
\nhealth.<\/p>\n
\"We can and we will bring about further reductions in the
\nfiscal deficit, without impairing the capacity to enhance
\ninvestments in key sectors of the economy, particularly the
\nsocial sectors such as education and health,\" he told the
\nmeeting.<\/p>\n
Vietnam's central bank governor Cao Sy Kiem said the country's
\neconomy showed \"encouraging\" signs during the first four months
\nof this year and promised to push ahead with reform despite
\ndifficulties involved.<\/p>\n
The United States called on the development bank to give
\ngreater support to the private sector in the region while
\nmaintaining its key role of easing poverty.<\/p>\n
\"The bank can play an increasingly visible and catalytic role
\nin support of the private sector,\" US delegation chief Timothy
\nGeithner said on the second day of the bank's annual meeting.<\/p>\n
On the sidelines, meanwhile, South Korea supported North
\nKorea's request to join the Bank, putting it at odds with Japan.
\n\"Considering the ADB's invaluable contributions to the rapid
\nprogress of the Korean economy, I think it is clear that North
\nKorea would also benefit from ADB membership,\" South Korean
\nFinance Minister Kang Kyong-Shik said.<\/p>\n
Japan's Finance Minister Hiroshi Mitsuzuka said Sunday that
\nTokyo would consider North Korea's membership of the Manila-based
\nbank. \"Japan will consult with diplomatic authorities and other
\ncountries concerned and consider the matter cautiously,\" he said.<\/p>",
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