Financial authorities from 9 non-members from the Asia/Pacific region (China, India, Indonesia, Korea, Malaysia, New Zealand, Pakistan, Philippines and Thailand) attended (press release).

Participants were relatively optimistic about the region’s economic outlook, although they acknowledged that the US downturn could change the picture by reducing final demand for the region’s exports.

They believed that continued efforts in vigorously tackling non-performing loan problems were critical for many regional economies, especially in a deflationary environment.

In discussing weaknesses in market foundations, they agreed that it was important to use the current momentum of reforms to strengthen domestic governance practices and financial reporting frameworks. They welcomed efforts, including through the FSF, to ensure coherence of reform measures across countries and sectors.