On July 22, 2009, the Foreign Ministers' Meeting between ASEAN and China, Japan and South Korea (10+3) opened in Phuket, Thailand. Chinese Foreign Minister Yang Jiechi attended the meeting and delivered a speech.

Faced with the unprecedented international financial crisis, East Asian countries have boosted confidence and extended mutual support. They have actively implemented the second Joint Statement on East Asia Cooperation and the 10+3 cooperation work plan, issued the 10+3 joint press release on tackling the global economic and financial crisis, advanced the Chiang Mai Initiative Multilateralization and the construction of regional foreign exchange reserve pool, expanded exchanges and cooperation in the areas of public health, disaster prevention and relief, nuclear energy security, food security and environmental protection and worked hard to maintain their domestic and the regional economic dynamism and sustainable development, said Yang.

Yang noted that the 10+3 should reinforce pragmatic cooperation and turn the crisis into opportunities of development and win-win cooperation. To that end, China proposes:

I. To turn the crisis into the opportunity of deepening financial cooperation. Continuous efforts should be made to advance the Chiang Mai Initiative Multilateralization and sign the framework agreement on and build the regional foreign exchange reserve pool by the end of this year. Active preparations should be made for the establishment of an independent regional economic monitoring organization and the financial cooperation in East Asia should be lifted to a higher level. It is necessary to accelerate the building of Asia bond market, advance the development of Asia capital market steadily, make better use of capital within the region and promote economic growth of Asia.

II. To turn the crisis into the opportunity of broadening trade and investment in the region. The potential of regional economic development should be tapped and the regional advantages of resources, capital, market, technology, talents and economy should complement each other. Allocation of resources should be optimized to improve the overall competitiveness of the region. Full support should be extended to the development of small and medium-sized enterprise in order to inject vigor into the regional economy. The 10+3 trade facilitation and liberalization should be promoted with a view of enlarging regional trade and investment.

III. To turn the crisis into the opportunity of raising the level of comprehensive development. It is important to combine the efforts of maintaining economic growth with structural readjustment, integrate the efforts of addressing the financial crisis with changing the development mode, promote the development of emerging industries, strengthen the exchanges, especially the technological cooperation on new energy, clean energy, renewable energy, energy efficiency and environmental protection and intensify the multi-level cooperation in agriculture.

IV. To turn the crisis into the opportunity of expanding the all-round exchanges and cooperation. Exchanges and cooperation in such fields as education, science and technology, culture, tourism, environmental protection, poverty reduction and infectious disease prevention and control as well as in the Greater Mekong sub-region should be accelerated in a bid to promoting common progress.

He noted that the 10+3 cooperation has reached a new historical starting point. China is ready to work together with one heart with all parties concerned to further deepen the pragmatic cooperation in East Asia, push forward the construction of East Asian Community and build a prosperous and harmonious East Asia.