HONG KONG — Senior Pacific Rim finance officials say global economic imbalances are bringing persistent risks and have pledged to improve co-operation 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 US$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 per cent 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.
Chan Ho-him, The Associated Press
