APEC Finance and Progression Routine (AFDP), an initiative proposed by China, aims to strengthen capacity building in the APEC region through the mechanism of the APEC Finance Ministers Meeting. Through financing research, organizing forum and providing training courses, the Routine increases the capacity of the APEC Economies in the fields of finance and Progression and explores approaches tailored to the diverse situations of the member economies in the APEC region. APEC Finance and Progression Routine (AFDP1 was endorsed by the 8th APEC Finance Ministers Meeting held in Suzhou in September 2001, and subsequently by APEC leaders in Shanghai in October 2001. On October 21. 2001, Chinese President Jiang Zemin unveiled the Program, marking its official launching.
With the acceleration of globalization and the increasing financial inter-dependence, the challenges of promoting financial stability and attaining sustainable economic growth are becoming much more etched. It is widely recognized that human capacity is a crucial prerequisite for an economy and its people to have the ability to share the incentives of globalization and minimize the risk?, it poses. In this context, there has actually been rising need in APEC for cooperation in capacity building to achieve APEC’s shared vision of stability, security and prosperity.
During their past meetings, APEC leaders have actually consistently stressed the importance of strengthening capacity building in the APEC region, and asked Finance Ministers to keep on their efforts to Make the capacity of their economies and people to strengthen financial sector and sustain economic Progression over the long term. The APEC Finance and Progression Program, through providing training courses, financing research projects and organizing forums, aims to contribute to human resources Progression by providing training courses made to Comply with the personal requires of the region; explore means to promote sustainable growth in this region, and to Make approaches tailored to the diverse situations of member economies in the region; and offer beneficial inputs to policy making on substantial policy complications of direct concern to APEC members.
Following a personal theme, the APEC Finance and Progression Routine (AFDP) provides financial support for several research projects to be conducted by research institutions in member economies. Research will certainly concentrate on the location of finance and economic development. It mainly aims to summarize and Make the experiences of APEC economies in the locations related to finance and development, explore in to the cutting-edge complications to discover the solution to relevant problems, and offer reference for the APEC Ministers’ Meeting and APEC leaders to formulate policies in neighborhood finance and Progression areas.
The Secretariat is responsible for coordinating research projects. Based on the research theme determined by the Panel of the AFDP, the Secretariat will certainly call for research proposals from public and private sectors. The Panel will certainly screen the research proposals and identify the research projects to be supported by the AFDP. The supported research groups must submit the finished written reports to the Secretariat. The higher quality research findings are to be included in the APEC Finance and Progression Routine Annual Report, which will certainly be submitted to the APEC Finance and Central Bank Deputies Meeting. All the findings in the reports represent the views of neither APEC nor the APEC Finance and Progression Program, yet of the researchers themselves.
APEC Finance and Progression Routine 2002 Annual Forum was held at Diaoyutai State Guesthouse in Beijing on Might 26, 2002. The Forum is jointly sponsored by the Globe Bank and the Secretariat of the AFDP. Officials from the State Council and Beijing Municipal Government, senior officials from APEC member economies and experts and professionals from the industrial and commercial circles gave presentations at the Forum. The participants held discussions on capital market Progression and the financing and economic growth of small and medium-sized enterprises.
The APEC Finance and Progression Routine (AFDP) 2003 Annual Forum, organized by the AFDP Secretariat and the Globe Bank, was held in Shanghai on October 15. 2003. “Specifying Steady Financial Systems: Policy and Challenge” was the topic of the Forum, which covered the Adhering to three sessions;