HONG KONG, Oct. 24 (Xinhua) -- Finance ministers of the Asia-Pacific community have gathered this week in Hong Kong, reaching broad consensus on multiple fronts to propel growth amid increasing global uncertainties and rapid technological shifts.
As one of the core ministerial platforms under the Asia-Pacific Economic Cooperation (APEC), the APEC Finance Ministers' Meeting this year centers on the theme of "Building an Asia-Pacific Community to Prosper Together."
Addressing the meeting, Chinese Finance Minister Lan Fo'an highlighted both the challenges and opportunities of the current international landscape, urging APEC to play a stronger role in strengthening macroeconomic policy coordination.
China has highly valued mutually beneficial cooperation with Asia-Pacific economies, and put great emphasis on deepening fiscal and financial cooperation and advancing regional economic integration, Lan said.
In light of the regional and broader economic landscape, delegates engaged in discussions on key policy priorities during the two-day meeting, reaching a series of pragmatic deliverables.
Among the outcomes were a joint statement of finance ministers, a policy statement on digital infrastructure financing, and a report on fiscal policy considerations for sustaining economic growth.
"These deliverables provide both directional guidance and actionable case studies, offering a policy toolkit for participating economies," said Jonathan Choi, chairman of the Chinese General Chamber of Commerce of Hong Kong, adding that the consensus achieved will help lay the ground for greater breakthroughs at the upcoming APEC Economic Leaders' Meeting.
APEC finance ministers attending the meeting have focused on the concerns of households. The meeting emphasized that investing in people plays a crucial role in boosting household consumption, spurring domestic demand, and enhancing productivity.
He Guojun, an economics professor with the University of Hong Kong, said linking support for people's livelihoods with enhancing growth momentum is one of the highlights of the outcomes of the meeting.
"Policies related to people's livelihoods are not merely a mechanism for distributing the fruits of growth. They can also serve as the foundation for growth itself," He said, adding that the policy significance lies in effectively integrating human capital investment into the broader macroeconomic development framework.
On digital infrastructure financing, the meeting underscored that robust digital infrastructure serves as the backbone of economic resilience and financial stability, encouraging member economies to mobilize resources from the public and private sectors, as well as multilateral development banks to bridge the financing gaps.
The catalytic financing approaches advocated in the policy statement, including financial leasing and asset securitization, will encourage both the private sector and long-term patient capital to participate in the digital transformation of the Asia-Pacific, said Yan Gang, vice chairman of the board of China Merchants Port Holdings Co., Ltd.
David Liao, co-chief executive of Asia and Middle East of HSBC, highlighted Hong Kong's strengths in helping APEC economies with financing.
"Hong Kong has accumulated extensive experience in innovative financing and can leverage its unique position as a super-connector and play the role of an advocate for regional innovative financing," Liao said.
John Lee, chief executive of the Hong Kong Special Administrative Region, noted that the meeting holds significant importance for Hong Kong to leverage its financial strengths to serve the APEC "China Year", adding that Hong Kong will actively use the meeting as a platform to deepen trade and economic cooperation across the region.■
