BEIJING - Participants of a financial forum from Chinese and foreign financial institutions stressed the importance of deepening international cooperation to address the challenges facing global economic development.

"Development and cooperation are the 'keys' to solving global problems," said Peng Chun, Chairman and CEO of China Investment Corporation, at the Annual Conference of Financial Street Forum 2022 that concluded in Beijing on Wednesday.

"Financial capital and international investment are playing an increasingly important role in global economic recovery, and cooperation between domestic and foreign institutions will provide new opportunities for the world in the future," Peng said.

Participants in particular hailed the growing market potential of the Regional Comprehensive Economic Partnership (RCEP). Chartsiri Sophonpanich, president of Bangkok Bank, said that the RCEP has facilitated cooperation among its members and offered a new platform for communication among Asian countries, and such an economic partnership will yield positive resources for all members.

According to SMC (China) Co Ltd, a wholly-owned subsidiary of Japan's pneumatic component manufacturer SMC Corporation in Beijing, many of its import and export goods are of origin in RCEP member countries, including those that have signed free trade agreements with China for the first time. Preliminary estimates show that RCEP can reduce taxes by 30 million yuan ($4.2 million) for the company in the first year of the RCEP implementation.

"Asian countries need to strengthen macro policy coordination, improve regular communication mechanisms, synergize development strategies, give full play to coordination between the market and resources, and strengthen economic growth drivers," said Zhou Liang, vice chairman of the China Banking and Insurance Regulatory Commission.

Participants at the forum also expressed hopes that international cooperation will bring stability amid the complex international environment with high inflation and financial risks.

International cooperation should be strengthened to push globalization onto the track of sustainable development and build a more resilient supply chain, said Agustin Carstens, general manager of the Bank for International Settlements.