APEC Economies to Collaborate in Curbing Economic Slide:Xiang

Chinese Finance Minister Xiang Huaicheng said Sunday that APEC economies have agreed to collaborate to deal with a possible economic slide, and China has made a positive contribution to the stability of the regional economy.

Xiang, chairing the Eighth Asia-Pacific Economic Cooperation ( APEC) Finance Ministers Meeting (AFMM) that concluded here Sunday, said the meeting, held amidst global economic slowdown, had fiscal policy-makers of all APEC economies discussing global and regional economic situation and coordination of internal policies.

It has fully demonstrated the confidence of APEC economies to strengthen cooperation to face the challenge, Xiang said at a press conference jointly held by the finance ministers.

"We have seen not only the challenge, but also the positive side of the region's economy. We have shown a positive gesture, the spirit of cooperation and the confidence to overcome difficulties, which would play a vital role in boosting economic recovery and growth around the world," Xiang said.

Xiang pointed out that stable economic growth in China since early this year has positively contributed to the confidence and economic stability of the Asian-Pacific region.

The increasing rate of the country's gross domestic products in the first half of this year registered 7.9 percent as the Chinese government enacted proper macroeconomic policies while furthering economic reforms and readjustment, he said.

His view was echoed by the U.S. Treasury Secretary Paul H. O' Neill, who said economic growth of China would provide cooperative opportunities to China and other APEC economies.

He also predicted that economy of the United States will take a favorable turn in the coming months, and the rate of economic growth will reach 3.2 percent next year.

Japanese Finance Minister Masajuro Shiokawa and a representative of the Republic of Korea agreed that their governments have taken proper measures to spur economic growth, and current difficulties have been alleviated to some extent.

(Xinhua News Agency 09/09/2001)

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