Apec finance ministers reach consensus on AI, digital financing in Hong Kong

Asia-Pacific Economic Cooperation (Apec) finance chiefs reached a consensus on economic policy coordination and cooperation on financing technology and artificial intelligence at a landmark two-day gathering in Hong Kong, according to China’s finance minister.

Lan Foan said the outcomes achieved during the Apec Finance Ministers’ Meeting would help shape discussions at the leaders’ summit in Shenzhen next month.

“China will work with all member economies to implement the important consensus reached at this meeting in Hong Kong and make positive contributions to the Apec economic leaders’ meeting in November,” Lan said in closing remarks on Wednesday.

More than 500 participants, including finance ministers from Apec’s 21 economies, travelled to Hong Kong for the meeting on Tuesday and Wednesday. The gathering served as a precursor to the leaders’ summit on November 18 and 19, when President Xi Jinping and US President Donald Trump are expected to meet for the third time this year.

Lan said the meeting completed all agenda items and delivered a package of practical measures to address global uncertainties and promote digital infrastructure financing across the region.

“The international landscape is intertwined with volatility and uncertainties. Spillover effects of geopolitical conflicts are spreading, and global economic growth faces multiple challenges,” Lan said.

“Meanwhile, a new round of technological revolution and industrial transformation, represented by AI, is bringing fresh opportunities for global common development.”

Lan said members had in-depth exchanges on a wide range of issues, reaching consensus in three key areas and issuing the 2026 Apec Finance Ministers’ joint statement and a policy statement on enhancing cooperation in digital infrastructure financing across the region.

The first area was strengthening coordination on macroeconomic policy to cope with external risks and challenges, including promoting household consumption, boosting domestic demand and improving productivity, he added.

“Our members agreed that we should enhance the soundness of our macroeconomic policies,” Lan said. “At the same time, we should fully unlock the potential of emerging technologies such as AI to raise productivity, cultivate new growth drivers and inject new impetus into Asia-Pacific economic growth.”

The second major outcome was enhanced regional cooperation on digital infrastructure financing, Lan said.

“On digital infrastructure financing, members encouraged the public sector to focus on creating a favourable policy and supervisory environment,” Lan said, adding that members also supported the private sector and multinational development banks jointly financing the digital infrastructure.

The third area focused on expanding access to financial services for individuals and businesses.

“Members agreed that financial services should meet the diversified needs of individuals, households and enterprises, especially SMEs [small and medium-sized enterprises], and stressed the importance of sharing experience and best practices among Apec economies,” he said.

Lan also said the meeting agreed to launch a programme to support experience-sharing among young financial professionals.

“We also held a retreat where participants discussed promoting Asia-Pacific economic growth in a world in flux and reached consensus,” Lan said.

A working lunch was held between finance ministers and the Apec Business Advisory Council to discuss ways to mobilise private capital for digital infrastructure projects, which yielded positive results, he added.