Hungary’s Link to Financial Cooperation with Asia

Abstract:

In recent years, China’s contribution has increased in nearly every aspect of life. This process is strongly supported by Chinese economic growth, which has continuously and consistently exceeded the global average. China is opening up its financial markets very gradually, while integration in the global economy requires more immediate financial cooperation. Recognising this tension, the Chinese President publicly put forward an initiative to build the organisation and establish the operating conditions of the Asian Financial Cooperation Association (AFCA), the incorporation of which is currently in progress. Consequently, one of the most important financial associations in the world will launch its operations at the turn of 2016/2017. The Hungarian Banking Association was also invited to participate in the preparations for the AFCA and in the foundation of the organisation. In August 2016, in addition to the approval the draft Regulations of the AFCA and the operation of the organisation, the senior officers of the Association were elected, with the representative/Secretary General of the Hungarian Banking Association elected as a member of the Executive Board of the Board of Directors. In this paper, we present the background of the AFCA’s foundation and the objectives of its operation, and describe the new opportunities afforded by Hungary’s participation, membership and relationship network.