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17th Trilateral Finance Ministers and Central Bank Governors' Meeting Joint Message (May. 5, 2017)

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  1. We, Finance Ministers and Central Bank Governors of China, Japan and Korea, held the 17th trilateral meeting in Yokohama, Japan, under the chairmanship of H.E. Ilho Yoo, Deputy Prime Minister and Minister of Strategy and Finance of the Republic of Korea, and exchanged views on the latest developments in the global economy and regional financial cooperation.

  2. We discussed current economic developments, growth prospects and potential risk factors in financial markets and underlying economic conditions. We recognize that global growth is expected to rise with buoyant financial market and long-awaited cyclical recovery in manufacturing and trade under way, and ASEAN+3 region is expected to maintain a relatively robust growth. However, downside risks still remain, with pervasive uncertainties surrounding policies. Under the recognition of these economic conditions, we reaffirm the importance of utilizing all necessary policy tools including fiscal and monetary policies and advancing structural reforms to achieve strong, sustainable, balanced and inclusive growth. Furthermore, we will continue high degree of communication and coordination among China, Japan and Korea to cope with possible financial instability in the context of increased uncertainty of global economy and geopolitical tensions. We agree that trade is one of the most important engines of economic growth and development, which contribute to productivity improvements and job creations. We will resist all forms of protectionism.

  3. We discussed our direction of achieving further development of regional financial cooperation in ASEAN+3 and are committed to strengthening regional financial cooperation to secure confidence and ensure financial stability in the ASEAN+3 region. We will work with other regional members to further enhance the readiness and effectiveness of Chiang Mai Initiative Multilateralisation (CMIM). In this regard, we welcome the revision of the CMIM Operational Guidelines to clarify the activation process of the IMF De-linked Portion. We also welcome the results of the 2016 CMIM Test Run, which highlights the importance of addressing CMIM fundamental issues and establishing CMIM-IMF coordination mechanism in the upcoming Periodic Review and look forward to further enhancing the coordination between CMIM and IMF. We agree to make efforts to complete the work on the Periodic Review of the CMIM Agreement by next May.

  4. We welcome the ongoing work by ASEAN+3 Macroeconomic Research Office (AMRO) to strengthen its capacity and role in regional macroeconomic surveillance, CMIM support and technical assistance. We expect to enhance AMRO’s role to support members in the implementation of the CMIM and actively participate in the CMIM Periodic Review to enhance the operational readiness of the CMIM. We welcome the significant contribution of the Asian Bond Markets Initiative (ABMI) to developing local currency bond markets. We look forward to disseminating our experience learnt from the ABMI among the region and to other regions. We promote further use of local currencies in the context of the ABMI.

  5. We appreciate Japan and Philippines' leadership as the co-chairs of ASEAN+3 Finance Ministers and Central Bank Governors Meeting in 2017. In addition, we agree to support Korea and Singapore to chair the 21th ASEAN+3 Finance Ministers and Central Bank Governors’ Meeting to be held in May 2018.

  6. We agree to enhance our cooperation under G20 framework as the premier forum for international economic cooperation, and will work together toward a successful 2017 G20 Hamburg Summit.

  7. We believe that the Trilateral Finance Ministers and Central Bank Governors' Meeting will serve as an effective platform for enhanced policy dialogue and coordination, and decided to meet again in Manila, Philippines in May 2018.