The finance ministers and central bank governors of the Association of Southeast Asian Nations (ASEAN), People’s Republic of China, Japan, and Republic of Korea (ASEAN+3) convened its 23rd meeting online. The ministers and governors discussed recent economic and financial developments in the region and strengthening regional financial cooperation through the Chiang Mai Initiative Multilateralisation (CMIM), ASEAN+3 Macroeconomic Research Office (AMRO), and Asian Bond Markets Initiative (ABMI), among others.
ASEAN+3 Finance Ministers
Brunei Darussalam: Mohd Amin Liew Abdullah
Mohd Amin Liew Abdullah was appointed Minister at the Prime Minister's Office and Minister of Finance and Economy II on 27 September 2018, and before that held the position of Minister of Finance II from 30 January 2018. Prior to these appointments, he was the deputy minister of finance (investment), while holding the CEO position of Darussalam Assets Sdn Bhd, an investment holding company owned by the Minister For Finance Corporation, Brunei Darussalam. Before joining Darussalam Assets, Mr. Abdullah held several key positions with the Brunei government, including permanent secretary of the Ministry of Finance, permanent secretary of the Ministry of Industry and Primary Resources, and managing director, Brunei Investment Agency.
Cambodia: Seilava Ros
Seilava Ros is currently secretary of state of the Ministry of Economy and Finance. He is also the secretary general of the General Secretariat of the Public Financial Management Reform Program Steering Committee and also a member of the Supreme National Economic Council. He also serves as chair of the board of directors, Rural Development Bank of Cambodia. He joined the Ministry of Economy and Finance first as financial controller and then as deputy director of economic and financial policy planning and monitoring from 2002 to 2005, and as director of the Department of Economy and Public Finance Policy from 2005 to 2006. Later, Mr. Ros was appointed deputy secretary general upon his return from the World Bank where he served as an ddvisor to the executive director from 2006-2008.
Indonesia: Suahasil Nazara
Suahasil Nazara is the vice minister of finance of Indonesia. He has also served as a member of the Fiscal Decentralization Expert Team for the finance minister from 2009 to 2011; chair of the Economics Department, Faculty of Economics of Universitas Indonesia from 2009 to 2013; vice chair of the Regional Autonomy Supervisory Committee since 2009; policy group coordinator of the Poverty Reduction Acceleration National Team Secretariat in the Vice President's Office since 2010; and board member of the National Economic Committee from 2013 to 2014. He was inducted head of the Fiscal Policy Agency in October 2016. He earned his bachelor's degree in economics from Universitas Indonesia, his master's degree from Cornell University, United States, and PhD from the University of Illinois at Urbana Champaign, also in the United States.
Japan: Taro Aso
Mr. Aso had previously served as Prime Minister, minister of foreign affairs, minister for internal affairs and communications, and minister of state, economic and fiscal policy of Japan.
Lao People's Democratic Republic: Somdy Douangdy
Somdy Douangdy is also the deputy prime minister of Lao PDR under Prime Minister Thongloun Sisoulith since 2016. Previously, he was appointed minister of planning and investment from 2011-2016 under Prime Minister Thongsing Thammavong after serving as minister of finance under Prime Minister Bouasone Bouphavanh from 2007-2011. Before this, he held various positions at the Ministry of Finance and the Ministry of Planning and Investment (previously called Committee for Planning and Cooperation).
Malaysia: Zafrul Aziz
Myanmar: Maung Maung Win
Maung Maung Win was appointed deputy minister, Ministry of Planning and Finance; and chair, Securities and Exchange Commission of Myanmar in 2016. He was previously permanent secretary, Ministry of Finance; and director general, Treasury Department, Ministry of Finance from 2015 to 2016. He was director general, Budget Department, Ministry of Finance from 2012 to 2015 and deputy governor, Central Bank of Myanmar from 2007 to 2012. He was also general manager, Myanmar Economic Bank, Ministry of Finance from 2003 to 2007.
People's Republic of China (PRC): Kun Liu
Kun Liu is the finance minister of the People’s Republic of China, appointed in 2018. Mr. Liu graduated from the Xiamen University, PRC with a bachelor’s degree in economics. He received his postgraduate diploma in economics from the Guangdong Provincial Party School, PRC. Mr. Liu has extensive experience in fiscal and tax reform as well as fiscal policies. He was the deputy director, director, and then deputy director general of the General Office of Guangdong Provincial Government. After this he served as the deputy secretary general of Guangdong Provincial Government. From 2002 to 2010, he was the director general of the Finance Department of Guangdong Province, and became deputy governor of the province from 2010 to 2013. He was appointed vice minister of the Ministry of Finance in 2013. From December 2016 to March 2018, he was the chair of the Budgetary Affairs Commission of the National People’s Congress Standing Committee, and from February 2017 to March 2018, he also served concurrently as the deputy chair of the Financial and Economic Affairs Committee of the 12th National People’s Congress. In March 2018, he was appointed finance minister of PRC.
Philippines: Carlos G. Dominguez
Carlos G. Dominguez has over 40 years of experience in public and private industries such as power, agriculture, mining, banking, hospitality, real estate, and investment. Mr. Dominguez was appointed cabinet secretary thrice: he served as secretary of environment and natural resources from 1986-1987, secretary of agriculture from 1987-1989, and is currently secretary of finance since 2016. Under his leadership, the Department of Finance reached record government revenues and embarked on a comprehensive tax reform program to create a more efficient tax system.
Republic of Korea: Huh Chang
Mr. Chang is deputy minister for international affairs in the Ministry of Economy and Finance. He has previously worked within the areas of international economic policies, overall economic policies in the Ministry and Office of the President. He has a doctorate in economics from Instituts d'études politiques de Paris.
Singapore: Indranee Rajah
Indranee Rajah is currently a minister in the Prime Minister's Office, second minister for finance, and second minister for national development. She has been a member of parliament since 2001 and was a deputy speaker of the parliament from 2006 to 2011. She also held the following positions: second minister for education (May 2018-July 2020), second minister for law (May 2018-June 2018), senior minister of state for law and finance (November 2012-April 2018), and senior minister of state for education (November 2012-September 2015).
Thailand: Ketsuda Supradit
Ketsuda Supradit has been international economic advisor since November 2018. Prior to this, she was minister (economic and finance) for the United Kingdom and Europe at the Royal Thai Embassy in London (December 2012-November 2018), director of the ASEAN Fiscal and Financial Policy Bureau, Fiscal Policy Office, Ministry of Finance (2011-2012), senior expert in the Savings, Investment and Capital Market Development Bureau, Fiscal Policy Office (2010-2011), minister-counsellor (economic and finance) (2006-2010) and director of the International Financial Cooperation Section, International and Macroeconomic Policy Bureau, Fiscal Policy Office, Ministry of Finance (2001-2005).
Viet Nam: Tien Dung Dinh
Mr. Dinh was appointed minister of finance of Viet Nam in May 2013. He leads the Ministry of Finance in managing the national budget, finances of state corporations, state borrowing, and stock markets activities. Having set out to improve the investment environment in Viet Nam and its growth prospects, his priorities include boosting economic restructuring to foster innovation, labor productivity, and economic competitiveness. Under his leadership, the finance sector reaped many successful results, most notably in the areas of public financial reform, institutional and administrative procedures reform, and apparatus reform of the financial sector. Prior to heading the Ministry of Finance, he was the state general auditor of Viet Nam and held various roles within the Ministry of Construction. He has been a National Assembly deputy since 2016. He holds a PhD in economics.
ASEAN+3 Central Bank Governors
Brunei Darussalam: Rokiah binti Badar
Cambodia: Chanto Chea
Chanto Chea has been governor of the National Bank Cambodia since 1998. He was previously deputy governor from 1981 to 1986. Prior to his roles at the National Bank Cambodia, he was director at Phnom Penh Municipality Bank from 1979–1981, minister of planning from 1986–1998, and a member of Parliament for the Kompong Thom Area from 1993–1998.
Hong Kong, China: Eddie Yue
Eddie Yue was appointed chief executive of the Hong Kong Monetary Authority (HKMA) on 1 October 2019. He began his career as an administrative officer in the Hong Kong, China Government in 1986. He joined the HKMA upon its establishment in 1993 and was promoted to division head a year later. He was appointed executive director in 2001 and subsequently deputy chief executive in 2007 before taking up his current position. Mr. Yue has participated in numerous areas of the HKMA’s work. During his tenure as deputy chief executive, he steered major policies and initiatives relating to reserves management, research, external affairs, and market development. Mr. Yue was also actively involved in tackling major financial crises and played an instrumental role in enhancing the Linked Exchange Rate System in Hong Kong, China.
Indonesia: Perry Warjiyo
Perry Warjiyo took his oath of office as the governor of Bank Indonesia on 24 May 2018. Before this, Mr. Warjiyo was the deputy governor of Bank Indonesia from 2013–2018. He also served as the assistant governor for monetary, macroprudential, and international policies. Prior to this, he was the executive director of Bank Indonesia’s Department of Economic Research and Monetary Policy. From 2007 to 2009, Mr. Warjiyo held the position of executive director at the International Monetary Fund, representing 13 member countries in the South-East Asia Voting Group. Mr. Warjiyo has had a long and brilliant career in Bank Indonesia since 1984, primarily in economic research and monetary policy, international issues, organizational transformation and monetary policy strategies, education and research on central banks, management of foreign reserves and external debts, and the Governor Bureau.
Japan: Haruhiko Kuroda
Haruhiko Kuroda has been the governor of the Bank of Japan since March 2013. Prior to this, he was the President of ADB from February 2005. He was also a special advisor to the Cabinet of Japanese Prime Minister Junichiro Koizumi from March 2003 and professor at the Graduate School of Economics, Hitotsubashi University from July 2003-January 2005. He became the vice minister of finance for international affairs in July 1999.
Lao People's Democratic Republic: Vathana Dalaloy
Ms. Dalaloy worked with Banque Pour Le Commerce Exterieur du Laos in 1991-1993, then with the Central Bank of the Lao PDR in 1994. She was awarded scholarships for further studies from the International Monetary Fund in 1995-1996 and the Fullbright Program in 1998, studying international economy and finance. Ms. Dalaloy worked with the International Financial Corporation in Washington D.C. in the US from 2000 to 2004. Following her stint in the US, she was involved in preparing all conditions for the stock exchange in Lao PDR since 2008.
Malaysia: Nor Shamsiah Mohd Yunus
Myanmar: Kyaw Kyaw Maung
Kyaw Kyaw Maung has been serving his second term as governor of the Central Bank of Myanmar since August 2013. He previously served as governor of the Central Bank from 1997 to 2007, where he rose from the ranks as manager, assistant director, and deputy governor. He graduated from Mandalay University, Myanmar and briefly worked there as a tutor before joining the Ministry of Finance.
People's Republic of China: Yulu Chen
Former president of Renmin University of China, Yulu Chen was appointed vice-governor of the People's Bank of China in 2015. He has worked in various academic institutions since 1989, and has spent most of his career in teaching and research. He has also held management positions at Renmin University, except for the 20 months he worked as president of Beijing Foreign Studies University between 2010 and 2011. He holds a PhD in economics, and has been a senior fellow of Eisenhower Foundation and a Fulbright scholar at the University of Columbia, United States.
Philippines: Benjamin E. Diokno
Benjamin Diokno is the current governor of the Bangko Sentral ng Pilipinas. Prior to this, he served as budget secretary from 2016 to 2019. On his third tour of duty at the Department of Budget and Management, he pursued an expansionary fiscal policy to finance investments in human capital development and public infrastructure. His policy expertise and research contribution extend to various areas of public economics, such as the structure and scope of government, tax policies and reforms, public expenditure management analysis, fiscal decentralization, national budget, and public debt among other topics. He has extensive experience in implementing reforms at the public sector, having also served as budget undersecretary from 1986 to 1991 and budget secretary from 1998 to 2001.
Republic of Korea: Juyeol Lee
Juyeol Lee was appointed governor of Bank of Korea on 1 April 2014. He first worked at the Bank of Korea in 1977 and served as senior deputy governor from 2009 to 2012. Afterwards, he retired to work as an economics professor at Yonsei University.
Singapore: Jacqueline Loh
Jacqueline Loh is the deputy managing director for markets and development in MAS. She oversees the Markets and Investment, Development and International, as well as the FinTech and Innovation Groups. Prior to this appointment, Ms. Loh served as assistant managing director for policy, risk and surveillance, and for finance, IT, and risk management. Ms. Loh has also had experience working in MAS’ New York office between 1990 and 1994. Ms Loh joined MAS in 1987 after graduating with a master of business administration from the University of Washington. She was awarded the Public Administration (Gold) Medal in 2018.
Thailand: Veerathai Santiprabhob
Veerathai Santiprabhob has been governor of the Bank of Thailand since 1 October 2015. Mr. Santiprabhob has 15 years of work experience as a policy economist in public, private, and international institutions. He served as the chief strategy officer of the Stock Exchange of Thailand and as executive director of the Capital Market Development Fund and Capital Market Research Institute. From 1994 to 1998, he was an economist at the International Monetary Fund and from 1998 to 2000, served as co-director of the Policy Research Institute, Fiscal Policy Office.
Viet Nam: Le Minh Hung
Le Minh Hung is the youngest governor in the history of the State Bank of Vietnam, appointed on 9 April 2016 at the age of 46. In 2014, he held the title of deputy chief of the General Office of the Communist Party. From 21 October 2011 to end of 2014, Le Minh Hung was deputy governor of the State Bank of Vietnam, where he had spent many years in various high positions despite his young age. Specifically, Le Minh Hung was appointed head of the Foreign Exchange Management Department at the age of 30, then held other important titles including head of the International Cooperation Department and Personnel Department.
Masatsugu Asakawa is the President of the Asian Development Bank and the Chairperson of ADB’s Board of Directors. He was elected President by ADB’s Board of Governors and assumed office on 17 January 2020.
Before joining ADB, he served as Special Advisor to Japan’s Prime Minister and Minister of Finance, and has a professional career that spans nearly 4 decades in diverse fields such as international finance, development, and taxation at the Ministry of Finance.
Mr. Asakawa also worked for international organizations as the Chief Advisor to ADB President between 1989 and 1992, senior staff at the Fiscal Affairs Department of the IMF (1996–2000), and Chair for the Committee on Fiscal Affairs at Organisation for Economic Co-operation and Development (2011–2016).
Mr. Toshinori Doi began to serve as director of ASEAN+3 Macroeconomic Research Office (AMRO) on May 27, 2019. Previously, he was special ddvisor to the Ministry of Finance of Japan. Mr. Doi has a long track-record in macroeconomic policy-making and international finance; he served as deputy to Japan’s deputy finance minister from 2016 to 2017, and has extensive experience in high-level international negotiations and engagement with international financial communities such as the ASEAN+3 Finance Process, the G7, and G20. Mr. Doi has comprehensive experience and deep understanding of regional financial cooperation in Asia, accumulated from senior positions he has held at the Ministry of Finance of Japan. They include senior deputy director-general / deputy director-general of the International Bureau from 2015 to 2017, when he oversaw multilateral engagement with the ASEAN+3 members and bilateral policy dialogues with ASEAN countries. He was assigned minister at the Embassy of Japan in Washington D.C. in the United States from 2012 to 2015, as well as advisor to the Asia Pacific Department at the International Monetary Fund from 2001 to 2004. He was president of the Policy Research Institute of Japan from 2017 to 2018.
Jock Hoi Lim
Jock Hoi Lim has been permanent secretary at the Ministry of Foreign Affairs and Trade, Brunei Darussalam since 2006. During his tenure, he served as Brunei Darussalam’s senior official for the ASEAN Economic Community Pillar, Asia-Pacific Economic Cooperation, and the Asia-Europe Meeting. He has been a member of the High-Level Task Force on ASEAN Economic Integration since 2001, serving as its chair in 2017. He was Brunei Darussalam’s chief negotiator for the Trans-Pacific Partnership Agreement, as well as for the P4, precursor to the TPP negotiations. Previously, he was also the co-chair during the negotiations for the ASEAN-Australia-New Zealand Free Trade Area, and also served as Brunei Darussalam’s chief negotiator for the Brunei Darussalam-Japan Economic Partnership Agreement. From June 2011 to 2017, he was the chair of the Governing Board of the Economic Research Institute for ASEAN and East Asia. He was also on the External Advisory Board for the ASEAN 2030 Study being undertaken by ADB.
Chikahisa Sumi was appointed director of the Regional Office for Asia and the Pacific at the IMF on 28 September 2016. He has worked on Asia and the Pacific counties for 7 years in the IMF, including leading missions to the Philippines, Singapore, New Zealand, and Fiji. He also headed the Financial Sector Surveillance Group of the Asia and Pacific Department, and led the Future of Asia’s Finance project including the publication of the book The Future of Asian Finance in 2015. Before returning to the IMF, Mr. Sumi held key positions in the Japanese government, including deputy vice minister of finance for international affairs, and deputy commissioner of the Financial Services Agency. He also headed Japan’s Debt Management Office, and acquired many friends among financial market participants through intensive dialogue with them.