Minister of Finance Lan Foan on Tuesday called on Asia-Pacific economies to maintain economic stability in the region while enhancing resilience.

The mainland official delivered the opening remarks for the Apec Finance Ministers' Meeting, which was held in Hong Kong for the first time.

He said amid the changing global landscape and geopolitical conflicts, as well as a new round of technological revolution and industrial transformation, Asia-Pacific – as the engine of global economic growth – shoulders greater responsibility and should contribute to regional prosperity.

He called on Apec economies to strengthen macroeconomic policy dialogue to maintain economic and financial stability in the region.

Under the uncertain current international economic environment, economies should strengthen the robustness of their own macroeconomic policies while enhancing policy communication and coordination, he said.

Lan also urged Apec members to accelerate economic transformation to enhance resilience.

"Economies should seize the opportunities arising from digital and green transformation, advance innovative cooperation in fields such as artificial intelligence, the digital economy and green, low-carbon development, and cultivate new drivers of economic growth," he said.

Lan also called for deepening financial cooperation and creating an open regional economic environment.

He went on to say that initial progress had been made on four major topics proposed for this year's Apec: financial policies that support people's livelihoods, digital infrastructure financing, driving the development of financial inclusion in light of local conditions, and promoting exchanges and cooperation among young finance professionals.

The economies would continue discussions and seek to reach consensus during the Apec Finance Ministers' Meeting on Tuesday and Wednesday, he said.

The chair of the Apec senior officials' meeting, Chen Xu, said more than 300 meetings and events have been held under this year's Apec framework.

He said member economies had achieved a number of practical results, building consensus for developing an Asia-Pacific community.

"The world economy has entered a new period of turbulence and change," Chen said.

"Unilateralism and protectionism are spreading, industrial and supply chains are adjusting at an accelerated pace. The problem of uneven development in Asia-Pacific has become more pronounced.

"Against this backdrop, strengthening macroeconomic communication and coordination among Apec economies and making good use of financial tools are of great significance for maintaining economic stability and promoting regional economic integration."

Chen added that discussions on the major topics would help leverage the positive role of financial policies in stabilising growth and ensuring people's well-being.


Edited by Aaron Tam