APEC economies urged to deepen cooperation

As a key growth engine, Asia-Pacific Economic Cooperation economies should strengthen efforts to uphold multilateralism, deepen open and inclusive cooperation, and unlock new growth momentum to boost the global economy, officials and experts said as the APEC Finance Ministers' Meeting opened in the Hong Kong Special Administrative Region on Tuesday.

Addressing the opening of the meeting, Lan Fo'an, China's minister of finance, said that as the powerhouse of the global economy, the Asia-Pacific region bears greater responsibilities for global development.

"The international situation is volatile and intertwined. Spillovers from conflicts are being felt, and world economic growth faces multiple headwinds," he said, adding that a new round of technological revolution and industrial transformation led by artificial intelligence is gaining traction, with new growth drivers increasing.

He put forward three core directions for joint action under such circumstances — strengthening macroeconomic policy dialogue to safeguard regional economic and financial stability, accelerating economic transformation to enhance resilience, and putting development first to promote shared prosperity.

"Amid pervasive global uncertainty, APEC members need to ensure sound domestic macroeconomic policies and step up communication and coordination to mitigate negative cross-border spillovers from policy shifts," Lan said.

"Economies should also scale up collaborative innovation in AI, the digital economy and the green and low-carbon sectors to foster fresh growth engines."

Lan called for more joint efforts to deepen practical financial and fiscal cooperation, foster an open regional economic environment, keep industrial and supply chains stable and unblocked while pushing regional economic integration forward.

The APEC Finance Ministers' Meeting is one of the most important ministerial-level meetings on specialized issues under the APEC framework. It is an important platform for Asia-Pacific economies to strengthen communication on macroeconomic policies and financial cooperation. 

Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation, said that supply chain volatility and the evolving international trade order had placed greater demands on economies' ability to manage risks.

"Closer cooperation among APEC members can help cushion the impact of uncertainty, while protecting vulnerable groups is particularly important in a changing environment," Zhou said.

Billy Mak Sui-choi, an associate professor at Hong Kong Baptist University's Department of Accountancy, Economics and Finance, said the meeting has brought together representatives from various places to witness firsthand the situation in Hong Kong, which could help strengthen international market confidence in the city.

Tang Hei-wai, associate vice-president of The University of Hong Kong, said the meeting serves as a catalyst for joint policy solutions that promote long-term, inclusive growth across the region.

Gaby Lin in Hong Kong contributed to this story.