APEC Finance, Central Bank Deputies Preparing for AFMM

8th APEC Finance and Central Bank Deputies Meeting Opens in Suzhou

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The Eighth APEC Finance and Central Bank Deputies Meeting opened in Suzhou Thursday to make final preparation for the APEC Finance Ministers Meeting (AFMM), slated for September 8-9.

Deputies from all the APEC 21 member economies will discuss the Progress Report on Reforming International Financial Architecture, Progress Report of the Policy Initiatives under the APEC Finance Ministers Meeting Process, Review of the Eighth AFMM Process and the Joint Ministerial Statement.

Wang Guangya, chair of the APEC Senior Officials Meeting and China's deputy foreign minister, briefed the deputies on the preparations for the Ninth APEC Economic Leaders' Meeting to be held in Shanghai in this October.

Sources said this year's finance ministers meeting will discuss the medium-term strategic objectives of the AFMM, and arrange meetings on issues of common concern among the participants and between them and representatives from the private sector, which are new to the AFMM.

China, as the chair of this meeting, has proposed a new initiative of APEC Finance and Development Program, aiming at speeding up the capacity building in APEC members, especially in the field of finance and economic development, to secure a broad- based and equitable economic growth in the process of globalization.

The deputies discussed the initiative enthusiastically and agreed to deliver it to the Eighth AFMM for endorsement.

They also discussed the medium-term strategic objectives of the AFMM process initiated by New Zealand with the aim of summarizing the work done since the first AFMM, and planning for the work focus and strategic direction of the AFMM in three to five years.