TEXT-Joint statement from APEC fin ministers

8. Ensuring sound fiscal management and instituting a
credible and growth-friendly fiscal consolidation plan form an
indispensable part of our growth strategy. Improving the
efficiency of public finance management supported by
medium-to-long term budget planning is also important. Aging
populations pose a challenge, not only for advanced economies,
but also for many of the emerging economies which plan to put in
place broader social safety nets. We will take measures to
ensure, based upon specific circumstances of the economies, that
the increase of age-related expenditure will not undermine
long-term fiscal sustainability. At the same time, we agreed to
the importance of enhancing productivity of the working
population through strengthening structural policies including
investment in human capital.

9. We need to ensure appropriate financing for several key
areas to strengthen growth. Financing for infrastructure, both
domestic and regional, contributes to enhancing productivity,
alleviating poverty and improving access to social service
delivery systems. In this regard, we will continue to support
emerging APEC economies in the implementation of
Public-Private-Partnership (PPP) infrastructure projects,
including through a new mentoring program to be launched next
year. Trade facilitation and customs modernization should go hand
in hand with the scaling-up of regional infrastructure, with the
view to furthering regional integration.

10. Efficient and affordable financial services are critical
to the success of economic activity at all levels including the
micro, small and medium enterprise, and the households sectors.
To this end, we have launched an APEC Financial Inclusion
Initiative to identify concrete actions that financial policy
makers can take to expand the reach of financial services to the
underserved.

11. Finance that enables and supports projects that address
climate change is indispensable to strong and sustainable green
growth. In this regard, we take note of the importance of the
APEC Green Growth Initiative that seeks to share best practices
in the region and to produce recommendations to strengthen green
growth.

12. Sound and well functioning financial systems are critical
for sustainable growth and the efficient allocation of resources.
We are committed to take action at the domestic and international
levels to raise standards, so that our domestic authorities
implement global standards consistently, in a way that ensures a
level playing field and avoids fragmentation of markets,
protectionism and regulatory arbitrage. We also recognize the
importance of creating more open and integrated financial markets
in the region, and welcome efforts to facilitate cross-border
marketing of fund management services within Asia.

13. The close cooperation with the business community is also
a unique feature of APEC. We welcomed inputs from the ABAC, which
put forward concrete recommendations on the promotion of
infrastructure public-private partnership, small and medium
enterprise finance, financial inclusion, regulatory reforms and
the development of bond markets.

14. We thanked Japan for hosting the APEC Finance Ministers’
Process this year. We will meet again for our 18th meeting in
Honolulu, U.S.A., in November 2011.

TEXT-Joint statement from APEC fin ministers