SCO members called to coordinate macroeconomic policy

BEIJING - Vice Premier Li Keqiang on Thursday called for members of the Shanghai Cooperation Organization (SCO) to make greater efforts to coordinate their macroeconomic policies.

Li made the remark during a meeting with delegates representing SCO finance ministers, central bankers and secretariat general-secretaries.

Li said the SCO has played an important role in safeguarding regional peace and stability, as well as promoting common development, since its establishment.

"The SCO has demonstrated promising prospects in terms of increasing mutual trust among member states and boosting cooperation in multiple fields. In light of the upcoming SCO summit in Beijing, China expects all parties to work together to further promote security and pragmatic cooperation," Li added.

Li said regional economic and financial cooperation under the SCO framework will play an important role in boosting market confidence, as well as preserving regional financial stability and economic sustainability.

"Regions covered by the SCO have the potential to become a highlight of global economic development, considering SCO members' respective advantages and broad prospects for cooperation. SCO members should strengthen macroeconomic policy coordination, share experience in development and reform, expand agreements and advance the liberation of trade and investment," Li said.

Li said China has great potential for economic development and its economy will continue to develop in a sustainable way.

"China will further improve its macroeconomic regulations and enhance the specificity and flexibility of its policies, as well as promote an economic transition while maintaining steady growth," he said.

SCO members expressed their hope to work with China to deepen regional economic and trade ties, as well as strengthen financial cooperation, for the purpose of consolidating the group's position in the global economy.