On November 18, 2011, Premier Wen Jiabao attended the 14th ASEAN Plus Three Summit in Bali, Indonesia and delivered a speech.
Wen said at present, the underlying impact of the global financial crisis still persists. All complex interwoven factors have made the prospects of the global economy uncertain and unstable. Countries in East Asia have helped each other, enhanced cooperation and jointly pursued development. "Together, we have successfully navigated the international financial crisis, maintained fairly fast economic growth and financial stability and deepened economic integration in our region," said Wen. The ASEAN Plus Three (10+3) cooperation has played an important role in this regard. East Asian countries, to varying degrees, face the arduous task of adjusting economic structure, improving people's life and enhancing the capacity for sustainable development. Development is still quite unbalanced in the region. "It is important for us to take stronger measures to enhance cohesion, increase internal growth momentum, and deepen cooperation to improve our ability to defuse risks and raise the comprehensive competitiveness of our region as a whole. By doing so, we can better position ourselves in a changing international environment," said Wen.
Wen proposed that the ASEAN Plus Three countries take the following steps to enhance cooperation.
First, accelerate trade liberalization and facilitation in the region. Efforts should be made to accelerate the building of the East Asia Free Trade Area and the Comprehensive Economic Partnership for East Asia in a pragmatic way on the basis of fully respecting ASEAN's centrality, following a phased approach and accommodating each other's concerns.
Second, raise financial and monetary cooperation in the region to a higher level. The ASEAN Plus Three countries should make the CMI Multilateralization more effective, expand its function from crisis rescue to crisis prevention, actively promote the building of the Asian Bond Market, facilitate the issuance of local currency-denominated bonds and carry out more research on new areas such as settlement of regional trade in local currencies.
Third, increase input in East Asia connectivity to lay the foundation for East Asia integration.
Fourth, enhance cooperation in science and technology, new energy, energy conservation and environmental protection, food security and health. Efforts should be made to shift the growth model and promote sustainable development in the region.
Wen said East Asian cooperation is at a crucial stage. It is in the interest of all parties to uphold ASEAN's centrality, pursue the goal of development, mutual benefit and win-win outcome and continue to promote East Asia integration with 10+3 as the main vehicle. Next year marks the 15th anniversary of the launch of the 10+3 cooperation process. "We will take the 15th anniversary as an opportunity to enhance confidence, solidarity and coordination, and raise 10+3 cooperation to a higher level," said Wen.
Other participating leaders said 10+3 cooperation has withstood the test of the international financial crisis, showing vitality and broad prospects for development. Currently, the world economic situation is still grim and East Asian development faces both opportunities and challenges. The 10+3 countries have the confidence and determination to strengthen pragmatic cooperation, earnestly implement the consensus reached, improve their overall ability to respond to the crisis and promote sustainable development for the benefit of people in the region.
