Hong Kong:The government is preparing to support cooperation among the 21 APEC economies, promoting fiscal policies to assist households and expand access to financial services. This initiative includes raising funds for the development of digital infrastructure and enhancing financial literacy among the younger generation.
According to Thai News Agency, Ms. Lalida Periswiwatana, Deputy Spokesperson for the Prime Minister's Office, announced that the Ministry of Finance has proposed a draft Joint Statement for approval by the Cabinet. This statement is in preparation for the 33rd APEC Finance Ministers' Meeting scheduled for October 20-21, 2026, in Hong Kong, China's Special Administrative Region. The joint statement, set for adoption on October 21, aims to promote economic and financial cooperation among the 21 economies to support inclusive and sustainable growth.
Ms. Lalida highlighted that the draft statement prioritizes driving economic growth amidst global economic uncertainty, emphasizing credible and flexible fiscal and monetary policies. It also leverages digital technology and artificial intelligence to enhance productivity and competitiveness. Cooperation in four key areas is promoted utilizing fiscal policies to support households, mobilizing funds for digital infrastructure development, expanding access to financial services, and enhancing financial literacy among the younger generation.
For household support, APEC focuses on improving government spending efficiency to stimulate consumption and improve well-being. Investments in human capital development are considered crucial for long-term economic growth, with a focus on linking government spending to household welfare improvements.
Regarding digital infrastructure, the draft statement supports mobilizing private sector funding and promoting the role of multilateral development banks in mitigating investment risks. This approach aims to foster digital infrastructure development essential for the modern economy within a transparent and investment-friendly policy framework.
Ms. Lalida further emphasized expanding opportunities for all groups to access financial services comprehensively. Making financial services affordable and reliable is seen as key to reducing the economic gap and increasing employment opportunities, especially for small business owners and those lacking access to financial services.
APEC also prioritizes developing the capabilities of youth and the next generation of financial professionals, preparing them for economic and technological transformation. Youth financial development programs will continue until 2027, following the success of a recent program in China themed "Digital Innovation for Development and Growth."
The draft joint statement, which expresses the intention to promote economic and financial cooperation among APEC economies, has no legally binding international effect and will not be signed. With no objections from the Ministry of Foreign Affairs, the Council of State, the National Economic and Social Development Council, and the Bank of Thailand, the government aims to use APEC to promote cooperation in digital finance and fiscal policy, thereby creating economic opportunities and improving citizens' quality of life in the long term.