The Asian Financial Cooperation Association (AFCA) was set up in Beijing on Monday. It is a non-governmental financial organization with the mission of articulating Asian voices in the global financial markets by building a regional financial cooperation platform.
In a congratulation letter sent to the inauguration ceremony of the association, Chinese Premier Li Keqiang stressed the importance of a stable and efficient financial system for the sustainable development of global economy.
Li hopes that the AFCA will practice the concepts of green and inclusive finance, gradually developing into a promoter of regional financial communication and cooperation, a safeguard for regional financial stability, and an engagement platform for international financial governance.
"The Asian financial crisis that occurred 20 years ago and global financial crisis nine years ago have taught the international financial community a lesson. Against the backdrop of accelerated economic globalization, the international community is moving toward a community of common destiny," Ha Yung Ku, chairman of the Korea Federation of Banks, said at the ceremony.
The GDP of Asia grew at a 7.7 percent rate over the past decade, the fastest growth in the world, comprising half of the global economy, Tian Guoli, chairman of the AFCA, said at a press conference on Monday.
Therefore, the establishment of AFCA is also in response to the need of Asian financial institutions and bankers to facilitate cooperation and use united mechanisms to prevent financial risks, Tian noted.