Ministry confirms launch date for key financial body

The launch ceremony of the Asian Financial Cooperation Association will be held in Beijing on July 24, the Foreign Ministry said on Thursday, eying its positive role in maintaining regional and global financial stability.

Ministry spokesperson Lu Kang released the information at a daily news briefing and congratulated the association on the scheduled ceremony.

Lu said China has been long committed to pushing forward communication and cooperation among regional financial institutions.

President Xi Jinping discussed establishing a platform to facilitate communication and cooperation among Asian financial institutions at the Boao Forum for Asia in March 2015. On a number of occasions since then, Premier Li Keqiang proposed setting up the Asian Financial Cooperation Association.

"We are pleased to see that the proposals made by Chinese leaders won active responses and strong support from financial institutions in Asia and other regions," Lu said.

The association, based in Beijing, was officially set up on May 11. A total of 107 institutions from five continents are founding members.

China expects the association to play an active role in "maintaining the stability of regional, and even global financial markets and promoting common development and prosperity in the region", Lu said.