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SCO countries should strengthen practical interaction — China’s Finance Minister

Participants in the meeting held on June 3 in Beijing discussed the situation in global and regional finances and exchanged experience in the budgetary and monetary policy sphere

BEIJING, June 4. /TASS/. Member-nations of the Shanghai Cooperation Organization (SCO) should strengthen coordination in the macroeconomic policy and deepen practical interactioin in the financial sphere, Finance Minister of China Lan Foan said in conclusion of the meeting of SCO finance ministers and central bank governors of SCO members in Beijing.

"Organization members should firmly support multilateralism, strengthen coordination of the macroeconomic policy and continue deepening practical financial cooperation," the minister said, cited in the statement posted on the website of the Chinese Ministry of Finance.

The new round of the scientific and technical revolution, industrial transformation and digitalization create opportunities for cooperation of SCO member-countries, Lan said. "At the same time, protectionism, anti-globalist trends, geopolitical conflicts and climate change create serious tests for global and regional economic and financial stability," he added.

Participants in the meeting held on June 3 in Beijing discussed the situation in global and regional finances and exchanged experience in the budgetary and monetary policy sphere. The parties supported measures of achieving significant progress in creating the SCO Development Bank and agreed to establish a network of SCO analytical centers on financial issues.

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