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The Financial Secretary, Mr John C Tsang, today (September 11) attended the Asia-Pacific Economic Cooperation (APEC) Finance Ministers' Meeting in Cebu, the Philippines.
The APEC Finance Ministers' Process provides an annual forum for APEC member economies to address regional macroeconomic and financial issues as well as domestic and regional financial policy priorities.
Five sessions were held today to discuss various topics, including the global economic and financial outlook, regional connectivity and integration, and the Cebu Action Plan.
Mr Tsang said at the Finance Ministers' Meeting that, in light of the growth slowdown of some of the Asian countries, it is essential to foster closer economic integration among the APEC member economies in order to unleash the growth potential of the region.
"Member economies can strengthen co-operation in development of infrastructure, in reduction of trade barriers and in integration of financial markets. The 'One Belt, One Road' initiative spearheaded by the nation, and the multilateral organisations such as the Asian Infrastructure Investment Bank, would further promote connectivity in the region.
"As an international financial and commercial centre, Hong Kong can contribute to the further economic integration in the region," he said.
On the margins of the APEC Finance Ministers' Meeting, Mr Tsang met his counterparts from Indonesia, the International Monetary Fund (IMF) and the Philippines.
During a brief meeting with the Minister of Finance of Indonesia, Dr Bambang Brodjonegoro, Mr Tsang said he looked forward to forging stronger bilateral trade and investment ties between Hong Kong and Indonesia, as well as with the Association of Southeast Asian Nations as a whole.
A meeting was held with the IMF Deputy Managing Director, Mr Mitsuhiro Furusawa. Both sides discussed the recent volatility of financial markets and the latest economic situation in Hong Kong.
Mr Tsang also had a meeting with the Secretary of Finance of the Philippines, Mr Cesar Purisima. They agreed to strengthen collaboration on economic and trade fronts.
With the APEC Finance Ministers' Meeting concluded, Mr Tsang will return to Hong Kong later tonight.
Ends/Friday, September 11, 2015
Issued at HKT 18:39
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