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APEC ministers call for joint efforts to foster financial stability

Xinhua, August 31, 2012

• 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.

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