(Yicai Global) July 25 -- Chinese Vice Premier Ma Kai attended a ceremony in Beijing yesterday to mark the establishment of the Asian Financial Cooperation Association (AFCA), a non-governmental platform for communication and cooperation between an initial 107 financial institutions from 27 countries, aimed at boosting financial resource allocation across the continent.

The AFCA was set up following a resolution made during the Belt and Road Forum for International Cooperation, held in May this year.

China has actively called for the introduction of the AFCA as a platform promoting "communication, cooperation, joint governance and mutually beneficial development" in order to support the development of all countries, especial emerging economies, Premier Li Keqiang said in a congratulatory letter yesterday.

China expects the AFCA to provide strong support to the development of the One Belt, One Road initiative.

The association will boost development of ties and cooperation, gradually progressing into a promoter of regional financial communication and collaboration and a safeguard for regional financial stability, Li wrote.

The association will be a leader of standard-setting bodies, a defender of security and stability, and an engagement platform for international financial governance, and make active contributions to the stable growth of Asia's economy and the global economy as a whole, Li continued.

Asia has become an important economic growth engine to the world, but there are still many challenges confronting the regional economy, said Chen Yuan, vice chairman of the Chinese People's Political Consultative Conference's National Committee. Most Asian countries are developing or emerging economies with significant funding gaps for socioeconomic development, Chen added. Their financing needs vary greatly, and the duration of financing that they require is relatively long.

The AFCA's main mission is to promote cooperation, said Yang Zaiping, AFCA's secretary-general. It is committed to building a regional platform for financial institutions to enhance communication and resource integration, with the ultimate goal of supporting the development of Asia's real economy.

Among the founding 107 financial institutions, 85 of them are based in Asia, making up 82.5 percent of the total. The members include financial industry organizations as well as banking, securities, insurance, asset management, financial education and financial service businesses.

Chinese President Xi Jinping first proposed the concept of founding a communication and cooperation platform for financial institutions in Asia at the March 2015 Bo'ao Forum, a forum for leaders in government, business and academia in Asia. Premier Li has since mentioned the initiative on many occasions.