In an interview with Xinhua, Xiang said the two-day meeting, which concluded on Friday afternoon, achieved good results in boosting regional cooperation, promoting structural reform in the 21 APEC economies and stepping up the fight against money laundering and terrorism financing.

At a time when both developed and emerging financial markets throughout the world face increasing instability and the prospects of a global economic recovery remain uncertain, the finance ministers agreed at the meeting that it is of utmost importance to adopt efficient macroeconomic policies, promote fiscal and financial reforms and improve corporate management, Xiang noted.

He said the policies will undoubtedly play a positive and active role in raising confidence in the markets and in maintaining the upward trend in the Pacific Rim and world economies.

At the forum, Xiang said, exchange was beefed up and consensus extended on continuously promoting structural reform and exploring mid- and long-term strategies for fiscal reforms in the APEC economies, thus paving the way for elaborating plans for further reform.

The meeting decided to strengthen cooperation in fighting money laundering and terrorism financing.

In his opinion, Xiang said, APEC, as a highly representative economic regional forum, has become a mature mechanism. It has provided a political framework for promoting multilateral and bilateral cooperation among the member economies.

As a regional economic cooperation forum, it also plays a major role in fostering communication and coordination among regional cooperation mechanisms at different levels and in promoting the healthy development of globalization, Xiang said.

He noted that a world economic recovery could be achieved through greater cooperation among the APEC economies, accelerated fiscal and financial reforms, removal of protectionism and assistance from the international community to crisis-hit Latin American countries.

APEC has been an efficient channel to preserve and strengthen ties between China and other economies of the Pacific Rim. To China, the forum has been an important channel for establishing economic connections with other countries after its entry into the World Trade Organization, said the Chinese minister.

Xiang said that despite the negative effect of a recession in other parts of the world, the Chinese economy has performed well, growing 7.8 percent in the first half of this year.

(People's Daily September 7, 2002)