By Yantoultra Ngui and Shi Bu
HONG KONG/BEIJING, Oct 21 (Reuters) – Finance ministers from member economies in the Asia-Pacific Economic Cooperation (APEC) forum have agreed to strengthen macroeconomic policy communication and coordination to address external risks and challenges, Chinese Minister of Finance Lan Foan said on Wednesday.
“All members agreed that we should enhance the soundness of our macroeconomic policies,” Lan said after the meeting.
The ministers also agreed to strengthen fiscal and financial systems to better handle uncertainty and safeguard regional economic and financial stability, he said.
Artificial intelligence and other emerging technologies could raise productivity and support new sources of growth, Lan said.
The meeting also produced outcomes on fiscal policies supporting households, digital infrastructure financing, financial access and opportunities and exchanges for young finance professionals, Lan said.
Support for households and investment in people could lift household spending, domestic demand and productivity, Lan said. He added that governments needed to maintain fiscal discipline and ensure sustainable public finances.
Separately, a policy statement was released on digital infrastructure financing for the Asia-Pacific region, aimed at supporting regional trade, economic connectivity and enhancing economic opportunities.
“We encourage member economies to develop reliable, accessible, scalable, trusted, secure and resilient digital infrastructure; enhance digital literacy and skills; promote interoperability; and cross-border digital connectivity to accelerate the digital transformation in the Asia-Pacific region,” it said.
Ministers also sought deeper collaboration between the public sector, the private sector and multilateral development banks to foster innovation and risk mitigation, it said.
The statement said governments should create supportive policy and regulatory conditions, while private companies should provide capital and develop new financing methods. It said multilateral development banks should help prepare projects and attract investment.
Jeffrey Siow, Singapore’s second minister for finance, said global growth faced risks from prolonged conflicts, worsening geopolitical fragmentation and AI productivity gains falling short of expectations.
He said APEC could help small- and medium-sized firms use AI by bringing together industry partners, technology providers and training institutions.
(Reporting by Yantoultra Ngui in Hong Kong and Shi Bu in Beijing; Writing by Liz Lee; Editing by Tom Hogue and Thomas Derpinghaus)
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