APEC finance ministers warn persistent global imbalances risk growth and stability

HONG KONG (AP) — Senior Pacific Rim finance officials say global economic imbalances are bringing persistent risks and have pledged to improve cooperation and communication.

In a joint statement after two days of meetings in Hong Kong, the finance leaders of the Asia-Pacific Economic Cooperation forum emphasized Wednesday that rebalancing of trade is their common interest. However, they did not elaborate on specific measures to be taken.

The meetings, in preparation for an APEC summit next month in the nearby Chinese city of Shenzhen, come at a time when global policymakers are highlighting the need to rebalance trade with China. Its trade surplus this year is expected to exceed 2025's record $1.2 trillion.

The officials also pointed to risks from geopolitical tensions and vulnerable supply chains.

“We note that global imbalances have persisted, creating risks to growth and stability,” the statement said.

APEC's 21 member economies include China, the U.S., Japan, South Korea, Canada and Australia, among other Pacific Rim countries.

U.S. President Donald Trump and Chinese leader Xi Jinping are expected to meet on the sidelines of the summit in Shenzhen.

Chinese finance minister Lan Fo’an, as chair of the APEC finance ministers’ meeting, said members had agreed to improve coordination of economic policies to address risks and challenges.

China’s customs agency said last week that the country’s trade with other APEC economies rose nearly 24% in the first three quarters of this year from a year earlier, driven by surging exports of high-tech products including electric vehicles and lithium-ion batteries.

Eduardo Pedrosa, from left, executive director of the APEC Secretariat, China's Finance Minister Lan Fo'an, chair of the 2026 APEC Finance Ministers' Meeting, and China's Vice Finance Minister Liao Min hold a news conference at the Asia-Pacific Economic Cooperation (APEC) Finance Ministers' Meeting at the Hong Kong Convention and Exhibition Centre, Wednesday, Oct. 21, 2026. (AP Photo/Chan Ho-him)

Hong Kong Marine Police vessel is seen in the foreground of the Hong Kong Convention and Exhibition Centre, the venue of the Asia-Pacific Economic Cooperation (APEC) Finance Ministers' Meeting, in Hong Kong on Tuesday, Oct. 20, 2026. (AP Photo/May James)

APEC signage is displayed in Hong Kong's financial district during the Asia-Pacific Economic Cooperation (APEC) Finance Ministers' Meeting, on Tuesday, Oct. 20, 2026. (AP Photo/May James)

China's Finance Minister Lan Fo'an, chair of the 2026 APEC Finance Ministers' Meeting, holds a news conference at the Asia-Pacific Economic Cooperation (APEC) Finance Ministers' Meeting at the Hong Kong Convention and Exhibition Centre, Wednesday, Oct. 21, 2026. (AP Photo/Chan Ho-him)

APEC signage is displayed in Hong Kong's financial district during the Asia-Pacific Economic Cooperation (APEC) Finance Ministers' Meeting on Tuesday, Oct. 20, 2026. (AP Photo/May James)

Russia has released a retired American teacher who had been imprisoned on charges of fighting as a mercenary in Ukraine, U.S. envoy Steve Witkoff said Wednesday at a meeting with Russian President Vladimir Putin in St. Petersburg.

The deal comes at a time when President Donald Trump has taken actions meant to benefit Moscow.

Stephen Hubbard, of Michigan, was sentenced after a closed trial in 2024 to nearly seven years in prison. Prosecutors said he had signed a contract with the Ukrainian military after Russia sent troops into Ukraine in February 2022, and that he fought alongside them until being captured two months later.

The U.S. government under the Biden administration designated Hubbard as wrongfully detained.

Putin told Witkoff Wednesday that Hubbard was at the St. Petersburg airport, Pulkovo, after the release.

Witkoff has tried without success to steer Russia and Ukraine toward a settlement to end a war that will hit the five-year mark in February. Trump foreshadowed a release earlier in the week, telling reporters at the White House: “I’ve been talking to President Putin about Mr. Hubbard. I’ve been talking to him at length. I’ve asked him to release him. Let’s see what happens.”

Russian presidential envoy Kirill Dmitriev, right, greets U.S. special envoy Steve Witkoff at the international airport outside St. Petersburg, Russia, Wednesday, Oct. 21, 2026. (TASS Photo via AP)