ASEAN+3 Forum in Hong Kong Tackles Economic Fragmentation Challenges

The 4th ASEAN+3 Economic Cooperation and Financial Stability Forum commenced in Hong Kong on November 25, 2025, addressing critical issues surrounding economic stability in a fragmented global landscape. Co-organized by the ASEAN+3 Macroeconomic Research Office (AMRO), the Hong Kong Monetary Authority (HKMA), and the Bank for International Settlements (BIS), this forum convened senior policymakers and economic experts from the ASEAN+3 region, which includes members of the Association of Southeast Asian Nations, along with China, Japan, and South Korea.

The theme for this year’s forum, “Fragmentation to Resilience: Macro-financial Stability and Regional Integration in ASEAN+3”, emphasizes the need for enhanced regional cooperation to navigate the complexities of a world increasingly marked by economic fragmentation and uncertainty. During the opening remarks, AMRO Director/CEO Yasuto Watanabe highlighted the importance of evolving the architecture of interconnection to bolster resilience.

Key Insights from Forum Leaders

Watanabe stated, “To anchor resilience, the ASEAN+3 region must act together to strengthen integration, reinforce our financial frameworks, and ensure that the region remains adaptable, diversified, and capable of absorbing shocks.” This sentiment was echoed by HKMA Chief Executive Eddie Yue, who noted that enhanced regional collaboration has fortified the economies of ASEAN+3 against external shocks.

Yue expressed confidence that discussions on macroeconomic risks and the shifting global financial landscape would yield actionable insights for future cooperation. Meanwhile, Tao Zhang, the BIS Chief Representative for Asia and the Pacific, stressed the necessity of strong cooperation among central banks and between public and private sectors to mitigate economic risks.

Forum Sessions Focus on Key Issues

The forum featured two significant sessions aimed at addressing the pressing challenges facing the region. The first session, titled “Macroeconomic Risks and Regional Integration Amid Global Fragmentation,” featured keynote speakers Heiwai Tang from the Asia Global Institute and Barry Eichengreen from the University of California, Berkeley. They led a panel discussion moderated by Dong He, AMRO’s Chief Economist.

The second session, “The Changing Global Financial Landscape: Implications for Monetary and Financial Stability,” included notable keynotes from Julia Leung, CEO of the Securities and Futures Commission, and Hyun Song Shin, Economic Adviser and Head of the Monetary and Economic Department at BIS. This session was followed by a panel moderated by Daniel Rees, Head of Central Bank Cooperation at BIS.

The forum coincided with the ASEAN+3 Finance and Central Bank Deputies’ Meeting, further solidifying its role as a crucial platform for policy dialogue and regional collaboration. AMRO expressed gratitude to both HKMA and BIS for their support in organizing this impactful event. Those unable to attend can access the forum online, with selected remarks and keynotes available on the AMRO website post-event.

Established to enhance macroeconomic and financial stability in the ASEAN+3 region, AMRO plays a pivotal role in conducting surveillance, supporting financial arrangements, and providing technical assistance to member states. As the region faces new economic challenges, forums like this are essential in fostering cooperation and resilience.