APEC ministers eye greater cooperation
The latest deliverables secured at the just-concluded Asia-Pacific Economic Cooperation Finance Ministers' Meeting are set to provide guidance for deepening regional financial cooperation and build momentum for outcomes in the financial field at the upcoming APEC Economic Leaders' Meeting, officials and experts said.
After a day and a half of "candid, in-depth and constructive discussions", as Chinese Finance Minister Lan Fo'an described, the meeting in Hong Kong adopted the 2026 APEC Finance Ministers' Joint Statement and released a policy statement on digital infrastructure financing across the Asia-Pacific region.
The meeting also produced two deliverables including the "Report on Supporting Households and Investing in Human Capital: Fiscal Policy Considerations for Sustaining Economic Growth in APEC" and the "Compendium on Financial Access and Opportunity for All", Lan told a news conference on Wednesday.
Furthermore, member economies agreed to advance capacity building and exchanges for young financial professionals in the Asia-Pacific region, he added.
As the final sectoral ministerial-level meeting ahead of the 33rd APEC Economic Leaders' Meeting in Shenzhen, Guangdong province, next month, the gathering helped "cement consensus on fiscal and financial cooperation" in response to the region's economic challenges, said Lou Feipeng, a researcher at Postal Savings Bank of China.
"These outcomes have laid solid groundwork for forging consensus on fiscal and financial policies at the leaders' meeting," Lou said.
According to Lan, the finance minister, the meeting also reinforced regional consensus on strengthening macroeconomic policy communication and coordination, advancing practical fiscal and financial cooperation and deepening regional integration.
The meeting is important because the global economy is undergoing a lot of uncertainties, such as inflation and the rise in long-term interest rates, said Yang Jun-sok, an economics professor at the Catholic University of Korea in Seoul.
To better navigate economic uncertainty and instability, all members agreed on the need to keep macroeconomic policies sound, step up policy coordination and bolster the resilience of fiscal and financial systems, said Lan, adding that APEC has shown "a greater sense of responsibility" in strengthening macroeconomic policy coordination.
In a push to advance practical fiscal and financial cooperation, the policy statement on digital infrastructure financing aims to bolster regional trade, strengthen economic connectivity and expand economic opportunities for all, according to the statement.
"We encourage governments to create supportive policy and regulatory conditions, and the private sector to provide capital and develop innovative financing models," said Lan, calling on multilateral development banks to help prepare projects and mobilize investment.
Members also stressed the importance of financial inclusion, especially for small and medium-sized enterprises, while highlighting how fiscal support for households and investment in people can spur consumption, bolster domestic demand and lift productivity, Lan said.
Highlighting the current international environment, Lan added: "These deliverables and the consensus we have reached reflect the APEC family's spirit of solidarity, inclusiveness and mutual learning."
The next step is to turn deliverables and consensus into concrete action, said Lou from Postal Savings Bank of China, calling for regular macroeconomic policy dialogue to assess risks from inflation, debt and capital flows and share experience in using fiscal policy to stabilize growth.China towel supplier Shenzhen City Dingrun Light Textile Import and Export Corp.Ltd, a company specialized in producing baby diapers Wholesale, baby bibs.Bath Towels China.
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