China to set up Asian-Pacific Finance and Development Center

http://news.xinhuanet.com/english/2004-11/21/content_2244314.htm

SANTIAGO, Nov. 21 (Xinhuanet) -- China will set up an Asia-PacificFinance and Development Center, providing a platform for Asia-Pacific economies to step up exchanges and capacity-building, Chinese President Hu Jintao announced here Sunday.

Speaking at Retreat II of the 12th Economic Leaders' Meeting ofthe Asia-Pacific Economic Cooperation (APEC), the Chinese president urged the APEC member economies to deepen their mutually-beneficial cooperation in the promotion of an Asia-Pacific Community.

The Chinese president said Chile, the host, chose this year's theme of APEC Economic Leaders' Meeting as "One Community, Our Future", thus well reflected the wishes of the APEC members.

"Common interests and common future require us to shoulder common responsibility and exert joint efforts." Hu said. "We should grasp the opportunities brought about by economic globalization and regional integration process, take full advantages of the APEC platform to learn from each other, push forward closer and mutually beneficial economic and trade cooperation, for the sake of laying a solid foundation for achieving sustainable common development."

more...

the US is in deep doo-doo, imo. I have been watching the various agreements, treaties, etc, that have been or are being negotiated since Nov 2 and it has been VERY interesting. In none of them is the US included.

a long time, looks like China will take the baton.

Reform of Bretton Woods on G20 agenda next year: China

http://www.channelnewsasia.com/stories/afp_asiapacific_business/view/118301/1/.html

BERLIN : The finance minister of China, Jin Renqing, said on Sunday that reform of the Bretton Woods international financial system would be discussed next year during China's presidency of the Group of 20 leading economies.

"Discussions will focus on reform of the Bretton Woods system, the reform of trade and development and discussions of new international financing development mechanisms," Jin said at the closing news conference of a weekend meeting of G20 finance ministers and central bank governors.

snip>

Reform of the 60-year-old Bretton Woods agreement had been on the agenda of this year's German presidency of the G20, but German officials signaled a few weeks ago that the issue continued to be a work in progress and would be carried over into the Chinese presidency.

The International Monetary Fund and the World Bank emerged from the Bretton Woods accord.

This, too, will be very interesting to watch. The economic 'tug of war' between China and the US is one to keep an eye on, imo.

Edited to add: Not to mention the part Russia is playing behind the scenes.

Look who of the G20 participants lined up for and against the regional free trade area. Think back to the Asia currency crisis - Japan paid dearly following the advice of the IMF while Malaysia told the IMF to take a hike and did quite well on their own (regardless of what you think of Mahatmir - he did well)

snip>

The core APEC business of trade and economics was briefly resurrected when business executives, sipping bottled water at zinc-colored curvy bars, mingled with the leaders Saturday to sell their idea for a regional free trade area.

But the plan seemed to get a mixed reception.

Chile, the United States, Canada, Australia, New Zealand, Taiwan and Singapore back the free trade area plan while others such as China, Japan, Malaysia and Indonesia were cautious or opposed it, APEC sources said.

http://www.channelnewsasia.com/stories/afp_world/view/118251/1/.html

It looks like they are kicking our ass,
and they are moving fast.

I read it now I have to save it so I can go back and really digest it as it has a great deal of information in it. I found the last sentence to be very stark, in one way, yet the perfect ending in another:

With such a dismal a record, it is pure arrogance for US monetary policy wonks to give advice to China.

It is quite long, but very informative.