APEC ministers urge measures to achieve economic growth
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APEC finance ministers on Saturday called on member economies to take policy measures to achieve "stronger, more sustainable and more balanced growth" in the region.
The finance chiefs made the call in a joint statement adopted towards the end of the 17th APEC Finance Ministers' Meeting.
Admitting the global economy is recovering from the recent financial crisis, they noted that growth in the region is uneven across the economies.
Net capital flows have returned in a significant volume to emerging economies of the region, raising the risk of capital flow volatility and increases in asset prices in some economies, they warned in the document.
In this respect, they pledged concerted efforts to build a stronger and more resilient global financial system and the maintenance of open markets, and fight protectionism.
In the statement, the ministers and senior officials also recognized the need to ensure appropriate financing for key areas to boost growth.
As financing for infrastructure contributes to enhancing productivity, alleviating poverty and improving access to social service delivery systems, they will continue to support emerging APEC economies in the implementation of Public-Private-Partnership (PPP) infrastructure projects.
The conference also gave its heed to the balanced growth in the region. Economies with current account deficits were urged to take steps to boost domestic saving so as not to derail nascent recoveries while those with surpluses need to reduce their reliance on external demand and undertake structural reforms that catalyze stronger domestic demand-led growth.
Present at the meeting was Wang Jun, China's vice finance minister, who briefed the ministers on the overall situation of China's macro-economic operation.
Wang highlighted the pressing need for APEC economies to stimulate recovery, maintain economic growth and guard against the risk of any possible economic downturn.
The meeting, which opened Friday and started plenary sessions Saturday, also adopted "The Kyoto Report on Growth Strategy and Finance," which identifies priorities for securing future growth, namely, rebalancing and strengthening global demand, pursuing sound fiscal management, and enhancing finance to key sectors such as infrastructure, small and medium enterprises, households and green investment.
The two-day conference was convened in the ancient Japanese city of Kyoto in the run-up to the Asia-Pacific Economic Cooperation (APEC) Leaders' Week meetings scheduled for Nov. 7-14 in Japan's second largest city of Yokohama.
The APEC is a forum which aims to facilitate economic cooperation among 21 member economies in the Asia-Pacific area.
