APEC consensus requires practical action: China Daily editorial

The two-day Asia-Pacific Economic Cooperation Finance Ministers' Meeting, held under the theme "Building an Asia-Pacific Community to Prosper Together", concluded in Hong Kong on Wednesday. By deepening macroeconomic policy coordination and advancing tangible financial cooperation, the meeting delivered a powerful message of unity and pragmatism.

The series of practical outcomes of the meeting broadened the prospects for mutually beneficial development across the Asia-Pacific. By enhancing policy coordination to align fiscal and monetary strategies, the APEC economies — which account for around 60 percent of the global economy — can turn diverse national policies into a coordinated defense against global economic shocks, ensuring that the region remains a key driver of global growth.

Key deliverables from the meeting included the 2026 APEC Finance Ministers' Joint Statement, a Policy Statement on Digital Infrastructure Financing across the Asia-Pacific Region, a report on fiscal policy considerations for sustaining economic growth and a compendium on financial access and opportunity for all.

Recognizing that digital infrastructure is now the backbone of economic resilience and stability, ministers agreed to leverage public-private partnerships and multilateral development banks to bridge funding gaps. For small and medium-sized enterprises and ordinary citizens, robust digital infrastructure can be translated into broader market participation, expanded access to digital services and increased economic opportunities. Bridging this digital divide is essential to guarantee that technological progress is widely shared and benefits all people in the region.

Additionally, the ministers agreed that targeted measures, such as strengthening consumption and investing in human capital throughout the life cycle, can boost current demand and enhance future productivity while maintaining fiscal sustainability and prudent debt management. They vowed to implement credible and flexible fiscal, monetary and financial frameworks to effectively manage shocks such as supply chain vulnerabilities, commodity price volatility and demographic shifts. The pledge to foster young financial talents underscores the meeting's forward-looking agenda that aligns with APEC's long-term vision.

Chinese Finance Minister Lan Fo'an, who chaired the meeting, underscored APEC's role as a premier platform for strengthening macroeconomic policy coordination and advancing regional economic integration. He urged members to remain committed to implementing the consensus of the meeting, uphold multilateralism and deepen pragmatic fiscal and financial cooperation.

The APEC Economic Leaders' Meeting, which will be held in Shenzhen, Guangdong province, this November with the focus on openness, innovation and cooperation, will serve as an important platform for bridging differences and sustaining APEC's development momentum.

Reaffirming China's commitment to pursuing high-quality development, Lan made clear that the country will continue to advance high-standard opening-up and create new opportunities for the Asia-Pacific and beyond.

Over the medium term, structural challenges such as debt vulnerabilities, economic fragmentation, extreme weather events and natural disasters continue to weigh on regional growth prospects. APEC economies should stand together at this pivotal moment to enhance economic resilience.

The message from the Hong Kong meeting was that APEC members recognize the importance of working together to address these challenges. The task now is to transform that meeting's consensus into concrete actions that will benefit sustainable regional growth.

Going forward, Asia-Pacific economies should uphold the consensus reached and deepen financial cooperation to achieve sustained prosperity and shared benefits. By focusing on digital infrastructure, financial access and human capital investment, the region can harness new growth drivers and ensure that the benefits of economic progress are widely shared, creating a prosperous future for all member economies and future generations.