BEIJING — Financial collaboration among the member states of the Association of Southeast Asian Nations, China, Japan and the Republic of Korea (ASEAN Plus Three) should be promoted to address new challenges faced by the global economy, Finance Minister Liu Kun said on May 12.

Liu made the remarks while addressing a video conference attended by finance ministers and central bank governors from the ASEAN Plus Three countries.

China will join hands with other member states in promoting innovation and exploring new areas of regional financial cooperation, Liu said.

Efforts should be made to advance the development of the Asian bond market and meet the financing needs of the region's future development, Liu said.

China will continue to effectively coordinate COVID-19 prevention and control with economic and social development, step up its macro-policy adjustment, and implement a proactive fiscal policy while improving its effectiveness.

The attendees also vowed to actively maintain monetary and financial stability, ensure long-term fiscal sustainability, and effectively guard against risks and negative spillovers.