APEC Finance Ministers' Meeting to be Held in Hong Kong Next Tuesday and Wednesday, MOF Identifies Four Key Agenda Items

The Asia-Pacific Economic Cooperation (APEC) Finance Ministers' Meeting (FMM) will be held in Hong Kong next Tuesday and Wednesday. The Ministry of Finance (MOF) noted that this year marks China's third time hosting APEC and comes 12 years after the last occasion. China has set "Building an Asia-Pacific Community to Prosper Together" as the theme of its APEC host year, and will advance the year's agenda across three priority areas: openness, innovation and cooperation.

The upcoming APEC Finance Ministers' Meeting in Hong Kong. Photo source: reference image

For the FMM in Hong Kong, the MOF has identified four key agenda items for the finance ministers' process: fiscal policy supporting households, digital infrastructure financing, inclusive finance adapted to local conditions, and promoting exchanges and cooperation among young financial talents from APEC economies.

The MOF noted the FMM, as one of the most core specialised ministerial meetings under the APEC mechanism, has long served as a key platform for Asia-Pacific economies to deepen macroeconomic policy communication and financial cooperation. The meeting will also build up substantial financial outcomes ahead of the APEC Economic Leaders' Meeting to be held in Shenzhen in November. China stands ready to work with APEC economies to continue upholding multilateralism, further strengthen macroeconomic policy communication and coordination, safeguard the stability and smooth operation of regional industrial and supply chains, and jointly promote long-term sustainable growth of the Asia-Pacific economy, contributing to the building of an Asia-Pacific community.

The upcoming APEC Finance Ministers' Meeting in Hong Kong. Photo source: reference image

During the upcoming FMM, representatives from various economies will engage in in-depth exchanges and build consensus around core agenda items, with a series of outcomes and documents expected. These include issuing a finance ministers' statement, publishing a research report on fiscal policy supporting households in the Asia-Pacific, formulating a policy statement on digital infrastructure financing, compiling a compendium on financial access and opportunity for all, and continuing to advance exchanges and cooperation among young financial talents. It is hoped that these substantive outcomes will summarise useful experiences from all parties, deepen policy discussions and experience sharing, and provide solid support for strengthening financial cooperation and driving economic growth in the Asia-Pacific region in the future.

KMB and Long Win Bus noted that the sharp surge in fuel costs has severely affected their operating revenue and expenditure, and asked the government to process their fare adjustment applications as soon as possible to ensure the stable development of services.

Photo source: reference image

The two bus operators said that fuel expenditure accounts for a significant proportion of their franchised bus operating costs. Since the outbreak of the Middle East crisis in late February this year, refined oil prices have risen from around US$85 per barrel to an average of US$170 per barrel, with prices having surged by nearly three times at one point, exceeding US$250 per barrel. Refined oil prices remain persistently high and highly volatile. In the absence of government subsidies, and despite implementing various cost control measures to mitigate the negative financial impact, KMB and Long Win still pointed out that their operating conditions have inevitably been affected, and they must adopt other measures to maintain a financially sustainable position.

Photo source: reference image

The two operators hoped the government would expedite the processing of the fare adjustment applications so that the bus companies can operate and develop sustainably and reasonably.