The 33rd Asia-Pacific Economic Cooperation (APEC) Finance Ministers’ Meeting will be held in Hong Kong SAR, China, on Oct 20 and 21. Finance ministers or their representatives from the 21 APEC economies, heads of relevant international organizations, and senior representatives of partner organizations will attend the meeting. Lan Fo’an, China’s Minister of Finance, will lead the Chinese delegation and chair the meeting, Vice Minister Liao Min will speak on behalf of China. Recently, an official from the Ministry of Finance (MOF) answered questions from the press on the background and significance of this year’s meeting, its key topics, and its expected outcomes.

I. What is the context for this year’s APEC Finance Ministers’ Meeting held, and why is it significant?

China is hosting APEC for the third time, 12 years after its last hosting. President Xi Jinping has pointed out that “We should stay true to APEC’s founding mission to promote economic growth and improve people’s lives, and champion open development where everyone shares opportunities and emerges as a winner. We should promote a universally beneficial and inclusive economic globalization, and build an Asia-Pacific community.” China has set “Building an Asia-Pacific Community to Prosper Together” as the theme of the APEC “China Year”, and is advancing the year’s agenda around three priority areas: openness, innovation and cooperation.

At present, changes unseen in a century are evolving at an accelerated pace across the world, the international situation is marked by intertwined turbulence and uncertainty, and the Asia-Pacific region faces growing instability and uncertainty in its development. Meanwhile, a new round of technological revolution and industrial transformation, represented by artificial intelligence, is advancing rapidly, bringing new opportunities for innovation-driven development and productivity gains. One important reason why the Asia-Pacific has become one of the most dynamic regions of the global economy and a major engine of global growth is its commitment to openness, cooperation, and mutual benefit. The more complex and challenging the external environment becomes, the more important it is for economies to strengthen policy communication, deepen practical cooperation, and jointly safeguard regional economic and financial stability and development.

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. The meeting will build momentum for outcomes in the financial field ahead of the APEC Economic Leaders’ Meeting to be held in Shenzhen, Guangdong Province, in November. China stands ready to work with APEC economies to uphold multilateralism, deepen communication and coordination on macroeconomic policies, maintain the stability and smooth functioning of regional industrial and supply chains, jointly promote long-term sustainable economic growth in the Asia-Pacific, and contribute to building an Asia-Pacific community.

II. What key topics will be discussed at this year’s APEC Finance Ministers’ Meeting, and what outcomes does China expect?

In line with the theme of the APEC “China Year” and its three priority areas, and taking into account the new circumstances facing economic development in the Asia-Pacific, we have proposed four key priorities for the finance track: fiscal policy supporting households, digital infrastructure financing, financial access and opportunity for all, and APEC young financial talents dialogue.

These topics address both immediate needs and long-term priorities. At present, economies generally face the tasks of sustaining growth, preventing risks, and safeguarding people’s well-being. There is an urgent need to strengthen communication and coordination on macroeconomic policies and adopt appropriate fiscal and financial policies to better support innovation and inclusive development. At the same time, the rapid development of new technologies such as digitalization and AI is creating new financing and investment needs for digital infrastructure, while also highlighting the importance of strengthening exchanges and mutual learning among young financial professionals and enhancing future policymaking capacity.

Since the beginning of this year, the APEC Finance Ministers’ Process (FMP) has held the APEC Finance and Central Bank Deputies’ Meeting, the APEC Senior Finance Officials’ Meeting, and thematic seminars on financial access and opportunity for all, and digital infrastructure financing. Participants have engaged in in-depth exchanges on the global and regional macroeconomic and financial outlook and our key priorities, reaching consensus on a series of issues and laying a solid foundation for the Finance Ministers’ Meeting. The APEC Young Financial Talents Dialogue, newly launched by China this year, was implemented by the Asia-Pacific Finance and Development Institute (AFDI) in late August. More than 30 young financial professionals from 18 APEC economies took part. Under the theme “Digital Innovation for Development and Growth,” they conducted field visits, thematic discussions, and experience-sharing activities in Shanghai and Guangxi, China. The program was a great success and well recognized by all participants.

At the upcoming Finance Ministers’ Meeting, representatives from the economies will exchange views in greater depth and work toward consensus documents and related outcomes on key priorities. These will include the Finance Ministers’ Joint Statement, a policy statement on digital infrastructure financing, a report on fiscal policies supporting households, a compendium on financial access and opportunity for all, and continue young financial talents dialogue. We hope these outcomes will draw on the valuable experience of all parties, promote policy dialogue and experience-sharing, and provide support for deepening financial cooperation in the Asia-Pacific and sustaining regional economic growth in the years ahead.

III. What other important activities will take place during this year’s APEC Finance Ministers’ Meeting?

In addition to the formal sessions of the Finance Ministers’ Meeting, we have arranged a series of exchange activities. On the morning of Oct 20, a closed-door meeting of finance ministers will be held, featuring informal discussions centered on the theme of “Promoting Asia-Pacific Economic Growth in a World in Flux.” At noon, a working luncheon between finance ministers and representatives of the APEC Business Advisory Council will focus on soliciting recommendations from business community on mobilizing private capital and supporting  digital infrastructure financing. The opening ceremony of the Finance Ministers’ Meeting will take place in the afternoon, followed by the formal agenda. A press conference will be held after the meeting concludes on the morning of Oct 21.

We have also arranged a range of social programs after the meeting to give participants an up-close experience of Hong Kong’s distinctive cityscape and cultural attractions. As the organizer of this year’s Finance Ministers’ Meeting, Hong Kong SAR, a world-renowned financial center and tourist destination, will showcase its development achievements in recent years and its unique urban appeal, inviting participants to experience the diversity, vibrancy, and development opportunities of this international metropolis in Asia.