OREANDA-NEWS. October 10, 2011. As one of the essential parallel sessions of the Euro-Asia Economic Forum 2011, the Financial Cooperation Conference, organized by the China Development Bank (CDB), took place on the afternoon in Xi'an. Participants included government officials, members of the banking sector and business community from the Euro-Asian region (China, Russia, Kazakhstan, Uzbekistan, Kyrgyzstan, Tajikistan, Cambodia and Sri Lanka). Cambodian Deputy Prime Minister Keat Chhon also attended. Representing the Forum host, Vice Governor Lou Qinjian of the Shaanxi Provincial Government addressed the Financial Cooperation Conference, which was moderated by CDB Vice President Mr. Gao Jian, reported the press-centre of CDB.

"There is a pressing need for countries today to restructure their economies. For those in the Euro-Asian region, it is an especially demanding task to realize this transformation considering the size of capital needed, time horizon and complexity, and flexibility for financing arrangements. A potent and effective financial system to provide a strong financial backing, inevitably, requires deepened cooperation of the financial sector among countries in this region, to expand economic interaction, so to fuel the transformation and sustain further development." CDB Chairman Chen Yuan spoke at the Conference.

In his speech, Chairman Chen Yuan underscored the growth opportunities presented to the countries in the region as they make the strategic decision of accelerating economic restructuring for sustained economic development and betterment of their peoples. Chairman Chen also outlined four points on improving the financial cooperation in this region: 1) Planning ahead with a long-term view; 2) Strengthened cooperation among the financial institutions of this region for medium- to long-term investment and financing facilities; 3) Permanent mechanism for the region's financial services; 4) Increased use of local currencies in settlement and lending business in the region to facilitate trade and investment.

The other speakers at the Conference include: Mr. Kosov, First Deputy Chairman of Vnesheconombank of Russia; Mme. Hasanova, Chairman of Amonatbank of Tajikistan; Mr. Bai Zhongren, President of China Railway Group; Mr. Mirsoatov, Vice Chairman of National Bank of Uzbekistan for Foreign Economic Activity; Mr. Jorobekov, Vice Chairman of AIYL Bank of Kyrgyzstan; Mme. Zou Yanhui, Advising Fellow of the Shanghai Cooperation Organization Secretariat; Mr. Huang Haiqing, Deputy Major of Xi'an Municipal Government.

Participants at the Conference compared notes on their observations of the economies of the world and of this region, new opportunities and prospects for the Euro-Asian economies post the global financial crisis; and exchanged views on how countries in this region may work closer together in financing deals and making investment toward a win-win situation--more specific initiatives such as expanded use of local currencies by banks and businesses in settlement, cross-border infrastructure development, as well as supporting growth of SMEs.

As China's biggest lender financing cross-border investment and transactions, CDB has committed itself to promoting collaboration among financial institutions from the region. Over the years, CDB has championed to build interbank associations as a multilateral establishment to make possible businesses within the region such as inter-bank credit line, currency swaps, co-financing and local currency lending. Cross-border deals in this region financed by CDB cover energy and infrastructure (such as China-Russia Oil Trade, Central Asia-China Gas Pipeline), agriculture, SMEs and areas concerning betterment of people's livelihood. As of the end of June, 2011, CDB had a total loan exposure of USD 28bn to the Euro-Asian region. Such financing facilities have been instrumental to advancing mutually beneficial regional cooperation.