Chinese finance official urges joint efforts for sustained, steady growth of world economy

PORT MORESBY - China's Vice Finance Minister Yu Weiping called for joint efforts to promote sustained and steady growth of the global economy at the Asia-Pacific Economic Cooperation (APEC) Finance Ministers Meeting held here from Tuesday to Wednesday.

Noting that the sound momentum has been sustained in the development of the world economy, Yu said rising trade protectionism and structural factors continue to constrain the medium and long-term development of the world economy.

The Asia-Pacific economies should firmly support multilateralism, jointly safeguard the rules-based multilateral trading system, continue to promote structural reform and enhance economic resilience and competitiveness, said Yu.

A joint statement from APEC finance ministers said, "to broaden and sustain the current expansion and raise medium-term growth prospects for the benefit of all, our economies must advance policies and reforms that increase productivity and strengthen the potential for inclusive growth."

"Financial inclusion is a fundamental building block of inclusive growth and development," it added.