APEC Finance Ministers' Meeting opens in Vietnam

The 13th APEC Finance Ministers' Meeting (FMM 13) kicked off here Thursday afternoon with two main themes for discussion being "Promoting Public Finance Efficiency and Sustainability: Towards Stable and Efficient Revenue Sources," and "Financial Sector Reform to Attract Capital Flows."

Under the latter theme, the issues of savings rates, exchange rate flexibility and demand growth around the Asia-Pacific Economic Cooperation (APEC) region are likely to feature in discussions by finance ministers.

At a retreat on Thursday morning, the ministers centered their discussions on policies of fiscal revenue sources and had dialogues with representatives from the private sectors on polices of financial sector's reform.

At plenary sessions on Thursday afternoon and Friday, the ministers and representatives from such entities as international financial institutions and the APEC Secretariat will touch upon the two themes, global and regional macro-economic and financial challenges, policy tools, APEC cooperation arrangements for macroeconomic stabilization.

They are to discuss tools and mechanisms necessary to combat terrorism financing and money laundering. They will also review strategic recommendations for enhancing the quality and efficiency of the cooperation under the APEC Finance Ministers' Process (FMP).

The FMP provides an annual forum for APEC member economies to exchange views and information on regional financial developments and to pursue cooperative programs that promote financial sector development and liberalization.

The ministers will also consider advances in APEC's work on dealing with the financial challenges posed by an aging population. The FMM 13 is chaired by Vietnam's Finance Minister Vu Van Ninh.

APEC Finance Ministers have met each year since 1994 to discuss the issues of significance to the regional and global economy.

Source: Xinhua