China finance minister urges Asia-Pacific cooperation amid global headwinds
Chinese Finance Minister Lan Fo'an called on Asia-Pacific economies to deepen policy coordination and practical cooperation to counter global challenges and geopolitical tensions. Speaking at an APEC finance meeting in Hong Kong, he outlined priorities including AI-driven transformation and open tra
Chinese Finance Minister Lan Fo'an on Tuesday urged Asia-Pacific economies to deepen macroeconomic policy coordination and practical cooperation to navigate mounting global economic challenges and geopolitical conflicts, speaking at a two-day Asia-Pacific Economic Cooperation (APEC) finance meeting in Hong Kong.
Lan said the international landscape is marked by intertwined turbulence and geopolitical tensions that weigh on global growth, even as breakthroughs in artificial intelligence and industrial transformation generate fresh momentum. He outlined three priorities for member economies: strengthening macroeconomic policy dialogue, accelerating economic transformation, and prioritising development and open trade.
On policy coordination, Lan said member economies should reinforce the soundness of their domestic macroeconomic policies while stepping up communication to guard against negative spillover effects from policy shifts amid high global uncertainty. He called on the region to seize opportunities in digital and green transitions, expanding innovative cooperation in artificial intelligence, the digital economy, and low-carbon development to cultivate new growth drivers and strengthen economic resilience.
Lan also urged economies to deepen practical financial cooperation, foster an open regional economic environment, keep industrial and supply chains stable and unobstructed, and advance regional economic integration. He noted that China has championed four initiatives under this year's APEC finance track: fiscal policies for green development, digital infrastructure financing, inclusive finance, and exchanges among young financial professionals. Those efforts have yielded initial results, he said, adding that delegates would work over the two-day gathering to build consensus and deliver concrete outcomes during China's host year.
Turning to domestic performance, Lan said China's economy has shown strong resilience despite complex domestic and external pressures, expanding 4.6 per cent in the first three quarters of 2026. China has consistently contributed around 30 per cent of global economic growth in recent years, he added.
With 2026 marking the start of China's 15th Five-Year Plan, Beijing is focusing on high-quality development, cultivating new growth drivers, building a unified national market, and boosting domestic demand and consumption, Lan said. He pledged that China would continue to deepen reforms and expand high-standard opening-up to create new opportunities for the Asia-Pacific region and the broader global economy.