Paul Chan Highlights Economic Cooperation and Digital Finance at APEC Finance Ministers' Meeting in Korea

2025-10-21 18:53 Last Updated At：10-23 20:58

FS attends APEC Finance Ministers' Meeting in Incheon, Korea (with photos/video)

The Financial Secretary, Mr Paul Chan, attended the Asia-Pacific Economic Cooperation (APEC) Finance Ministers' Meeting in Incheon, Korea, today (October 21), and met with the Chair of the Meeting, Deputy Prime Minister and Minister of Economy and Finance of the Republic of Korea, Mr Koo Yun-cheol.

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FS attends APEC Finance Ministers' Meeting in Incheon, Korea (with photos/video) Source: HKSAR Government Press Releases

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FS attends APEC Finance Ministers' Meeting in Incheon, Korea (with photos/video) Source: HKSAR Government Press Releases

This year's meeting focused on key issues including global and regional economic situations and outlooks, digital finance, and fiscal policies of member economies.

Mr Chan spoke at various sessions of the meeting. During the session on the global and regional economic outlooks, he remarked that global growth momentum has weakened amid rising challenges from unilateralism and tariffs. He stressed that the global economy is facing heightened uncertainty, with some economies having to choose between co-operation and coercion, as well as between shared prosperity and narrow self-interest. Against this backdrop, Hong Kong, China remains firmly committed to upholding a free and open trade and investment environment, providing global enterprises and investors with a stable, consistent and predictable business environment. He called on all member economies to safeguard a rules-based multilateral trading system and to work together in promoting sustainable regional economic growth.

At the session on digital finance, Mr Chan highlighted that blockchain technology and artificial intelligence (AI) are rapidly advancing digital financial services. These technologies not only improve efficiency and reduce costs, but also play a key role in driving financial inclusion. Drawing on Hong Kong, China's experience, he shared three key observations on developing a robust fintech ecosystem. First, financial innovation should serve the real economy. Strengthening data connectivity through public-private partnerships is essential to promoting inclusive and accessible financial services. For example, the Hong Kong Monetary Authority launched the Commercial Data Interchange (CDI), a platform that enables small and medium-sized enterprises to share business data with banks to facilitate credit assessment. To date, the CDI has supported over 60 000 loan applications with loans granted exceeding US$6.5 billion. Second, regulators should encourage innovation to drive market developments while maintaining effective oversight. Hong Kong's financial regulatory bodies offer regulatory sandboxes that allow financial institutions and tech companies to test innovative fintech solutions, with feedback from regulators to help refine and improve these solutions before full-scale implementation. Third, in light of the increasingly widespread application of digital assets and AI in financial services, economies should place strong emphasis on ensuring that such innovations are responsible and sustainable - including the need to safeguard investor interests and maintain financial stability. Mr Chan stated that Hong Kong is actively engaged in cross-border co-operation and policy dialogue on digital finance, and stands ready to deepen collaboration with regional partners in these areas.

At the session on fiscal policy, Mr Chan shared Hong Kong, China's economic strategy, which includes solidifying its strengths as an international financial and trading centre, while fostering growth of emerging industries such as innovation and technology. He also outlined the Government's fiscal consolidation plan, which focuses primarily on containing expenditure growth, complemented by modest revenue measures based on user-pay and affordability principles. Meanwhile, it is leveraging private sector capital through public-private partnerships and bond issuances to expedite the development of the Northern Metropolis, injecting new impetus into economic development.

During the meeting, Mr Chan also held bilateral discussions with the Chair of the Meeting, Deputy Prime Minister and Minister of Economy and Finance of the Republic of Korea, Mr Koo Yun-cheol, to discuss further co-operation in trade, finance, and innovation and technology.

Mr Chan will attend the joint session of APEC Finance Ministers' Meeting and Structural Reform Ministerial Meeting tomorrow morning (October 22), before departing for Beijing. He will lead a government delegation to visit the Beijing subsidiary administrative centre and the Xiong'an New Area in Hebei.

EPD Responds to Serious Injury at Tuen Mun Recycling Centre, Prioritizes Safety and Investigation

EPD highly concerned over industrial accident at yard waste recycling centre

The Environmental Protection Department (EPD) is highly concerned over an industrial accident that occurred yesterday (January 16) at the yard waste recycling centre, Y·PARK in Tuen Mun, and extends its sympathies to the injured worker and his family members.

At around 2pm yesterday, a worker sustained injury when his left palm was severed while attempting to clear stuck debris at an operating wood chipping machine. He remained conscious and was sent to Tuen Mun Hospital for treatment. The EPD immediately deployed staff to the hospital after the incident to understand the condition of the injured and provide his family members with appropriate assistance.

The EPD notified the Labour Department and the Police in the first instance. Staff from the Labour Department conducted on-site inspection and issued a suspension notice to the contractor, requiring suspension of operation of the concerned machinery until all improvement measures have been implemented. The EPD requested the contractor to fully co-operate with the Labour Department in its investigation, and demanded an incident report from the contractor within three days.

The safety of its facilities remains the top priority of the EPD, with close monitoring of contractors' operation in place. On the contractor's front, daily regular on-site inspections on occupational safety conditions and safety training for employees and its subcontractors are part of their requirements.

Paul Chan Highlights Economic Cooperation and Digital Finance at APEC Finance Ministers' Meeting in Korea

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