On October 24, 2009, the 12th Summit between ASEAN and China, Japan and the Republic of Korea (10+3) was held in Hua Hin, Thailand. Chinese Premier Wen Jiabao of the State Council, Prime Minister Yukio Hatoyama of Japan, President Lee Myung-bak of the Republic of Korea, and the leaders of ASEAN countries attended the summit. The leaders exchanged in-depth views on tackling the international financial crisis and deepening pragmatic cooperation.

Wen said that the Asian financial crisis 12 years before had resulted in the formation of 10+3 cooperation. The Asian countries joined hands to deal with the crisis, maintained the fast and long-term economic development of the region, and injected new dynamism to south-south cooperation and north-south cooperation. Today, the economic foundations of the 10+3 countries become firmer; the economic integration gets closer; the cooperation aspirations turn stronger; and the cooperation mechanisms become more mature. In face of the international financial crisis and other tough challenges, China and ASEAN should have greater confidence, strengthen solidarity and cooperation, join hands to overcome the current difficulties, and upgrade the East Asian cooperation to a new level.

Wen said that the 10+3 cooperation should on one hand continue to give top priority to tackling the international financial crisis and on the other hand have a long-term perspective to enrich cooperation in all fronts, accelerate the integration process, and promote regional peace and prosperity. To this goal, Wen put forward the following proposals:

First, consolidating the momentum of economic recovery. The resolve to handle the international financial crisis should never waver. The policies should be kept unchanged. The intensity of policy support should not weaken. Countries in the region should continue to take appropriate fiscal and monetary policies to drive the steady economic growth.

Second, deepening financial cooperation. The countries should strive to sign the Chiang Mai Initiative Multi-lateralization (CMIM) and establish the regional reserve pool before the end of the year. The countries should accelerate the establishment of an independent regional economic monitoring agency and the building of the Asian securities market. China would provide USD 200 million for the region’s credit guarantee and investment fund.

Third, expanding trade and investment within the region. The countries should simplify customs clearance and investment examination and approval procedures and strongly support small and medium enterprises (SMEs). The countries should steadily promote the development of 10+3 free trade areas, with the 10+1 as the basis, the 10+3 as the main channel, and trade facilitation as the starting point. China is willing to take the lead in promoting the 10+3 trade cooperation.

Fourth, realizing regional interconnectivity. The countries should play their own advantages, strengthen planning and coordination, and build a smooth and efficient regional infrastructure network.

Fifth, promoting common development. Assistance to the less-developed countries in this region should be continued. New and effective ways and means should be explored at the same time. The countries should expand pragmatic cooperation and achieve mutual benefit and win-win situation.

Sixth, enhancing the overall competitiveness of the region. The countries should on one hand develop their unique industries, complement each other, and rationalize the Industrial layout in East Asia and one the other hand adapt to the trend of a new round of economic development in the world, strengthen cooperation in such areas as modern agriculture and manufacturing, green economy, circular economy, energy saving and environmental protection, and promote sustainable economic development.

The leaders of other countries made positive comments on the results of 10+3 cooperation and believed that the East Asian cooperation has great potentials and broad prospects. The 10+3 countries should join hands to advance the exchange and cooperation in such areas as economy, trade, finance, energy, grain security, prevention and control of infectious disease, disaster prevention and mitigation, and culture. The countries should enhance collaboration and coordination concerning such issues as the international financial system reform and climate change. The leaders of other countries all appreciated China's important contributions to effectively tackling the international financial crisis, actively promoting East Asian cooperation, maintaining regional financial stability, and promoting economic growth and the integration process of the region.