Dialogue on Macro-economic Policies: One Focus of APEC Finance Ministers

The 8th Finance Ministers Meetings (FMM) of the Asia-Pacific Economic Cooperation (APEC) slated for September 8-9 have caught worldwide attention as the global economy is facing new challenges.

The slowdown of the U.S. economic growth, the weakening of the Japanese and European economies, and especially, the new difficulties arising in some east Asian economies not long after the financial turmoil are all factors for people's concern over the global economy.

In an attempt to promote development of the APEC members, the forthcoming finance ministers' meeting will hold dialogues on macro-economic policies, with emphasis placed on economic restructuring and reforms, sustainable development, and the benefit that more people should gain from globalization on the basis of fairness and equity.

Delegates from all the 21 APEC economies will be in Suzhou, east China, for the meeting, which has theme: growth with restructuring, stability and equity.

Managing Director and Chairman of the Executive Board of the International Monetary Fund (IMF) Horst Koehler, President of the Asian Development Bank (ADB) Chino Tadao, and Managing Director of the World Bank Sven Sandstrom, as well as 140 financiers from the private sector will also be present.

Observers say it is rare that so many VIPs in the financial sector attend an APEC finance ministers' meeting.

Jin Liqun, chair of the 8th APEC Finance and Central Bank Deputies Meeting and Chinese deputy minister of finance, said that the presence of all the APEC economies and the international financial sector at the meeting indicates a positive signal: despite the difficulties in the global economy, the 21 APEC economies will make joint efforts and adopt sound macro-economic policies to overcome the unfavorable situation.

An economic analyst said that confidence, the recovery and rebuilding of confidence are the most important factors in the economic growth of the Asia-Pacific region.

Wang Jun, director of the meeting's information office, said the coordination of macro-economic policies among the APEC economies will benefit the growth of each economy, which will be helpful to the economic recovery in the region and the world.

The rapid growth of China's economy, with the gross domestic product rising 7.9 percent to reach 4,294 billion yuan in the first half of this year, has also caught the attention of the participants and overseas media.

Alan Yonan, Jr. regional reporter for Dow Jones Newswire, said China's development has brought about favorable opportunities for regional economic development and cooperation. The overseas media expect to learn more about China's economic and financial policies at the 8th APEC FMM.

Xiang Huaicheng, chair of the ministerial meeting and Chinese minister of finance, was confident, and said that with joint efforts of all the APEC economies, the meeting would be a success.






People's Daily Online --- http://english.peopledaily.com.cn/