The statement said that they considered growth to be "uneven" and it remained below the pace necessary to generate jobs.

Echoing that sentiment, in a speech formally starting the meeting, Vice-Premier Zhang Gaoli told the finance ministers that the global economic recovery remains difficult, with "downside risks" still existing.

However, the joint statement underlined that "the APEC region, as the engine of the world economy, should lead the global recovery toward strong, sustainable and balanced growth".

The finance ministers vowed to strengthen policy coordination between APEC economies and other multilateral cooperation mechanisms such as the G20.

Xu Hongcai, a researcher at the China Center for International Economic Exchanges, a think tank, said that after rapid economic development in the past decade the Asia-Pacific region represented the "gravity center" of the global economy.

"However, a major problem with the region is a lack of sound policy coordination among economies."

Xu used the example of the various free trade negotiations taking place, notably the Trans-Pacific Partnership and the Regional Comprehensive Economic Partnership, which Xu suggested both coexist and compete with one another.

"Regional economic integration still faces many challenges and trade protectionism is on the rise," Xu said.

This is the second time China has hosted the APEC Finance Ministers' Meeting. The first time was the 2001 meeting in Suzhou, Jiangsu province.