FS Attends APEC Meeting

Financial Secretary Paul Chan has attended the Asia-Pacific Economic Cooperation (APEC) Finance Ministers' Meeting in Santiago, Chile.

Mr Chan joined various sessions to discuss the global economic outlook and sustainable economic development in the Asia-Pacific region as well as the joint press conference after the meeting.

Given the global economy beset with uncertainties and downward pressures, closer collaboration between APEC member economies has to be forged to realise the sustainable growth in the region, he said.

Mr Chan reaffirmed Hong Kong is firmly committed to free trade and a level playing field.

He also spoke of the city's latest developments in financial inclusion and fintech, such as the launch of the Faster Payment System which connects banks and stored-value facility (SVF) operators on the same platform and enables the public to transfer funds across different banks or SVFs with funds available almost immediately.

On the sidelines of the Finance Ministers' Meeting, Mr Chan called on Chilean Minister of Finance Felipe Larrain Bascuñán. Both sides agreed to pursue a comprehensive avoidance of double taxation agreement to bolster bilateral trade and investment activities.

In the evening, Mr Chan headed to the US for the International Monetary Fund and the World Bank Group annual meetings.