- CNTV English - CCTV News

Homepage > News > Biz >

APEC ministers call for joint efforts to foster financial stability

08-31-2012 04:40 BJT

MOSCOW, Aug. 30 (Xinhua) -- Finance Ministers of the Asia- Pacific Economic Cooperation (APEC) members on Thursday vowed to make collaborative efforts to promote growth and foster financial stability.

During the 19th annual meeting of the APEC ministers here in Moscow, top finance officials issued a joint communique calling for member economies to implement structural reforms, reduce high public deficits and debts, cut external imbalance and maintain financial stability.

"While capital flows can be beneficial to recipient economies, we reiterate that excess volatility of financial flows and disorderly movements in exchange rates have adverse implications for economic and financial stability," said the ministers.

At a time of high uncertainty and downside risks for the global economy, APEC economies should facilitate job creation, enhance domestic demand and adopt policies to help restore confidence, said the ministers.

APEC economies would "firmly adhere to open trade and investment, expanding markets and resisting protectionism in all its forms," said the statement.

Meanwhile, members of the regional bloc recognized the significance of fiscal sustainability to economic growth.

Good governance in public finance enhances the credibility of budgetary policy and promotes economic recovery, said the statement.

Advanced APEC economies should ensure that their fiscal consolidation measures will support economic recovery, while emerging economies in the region should implement appropriate measures to support domestic demands, said the statement.


Editor:James |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program