Finance ministers focus on slowdown

Asia-Pacific Economic Co-operation officials gathered in Suzhou yesterday for the annual finance ministers meeting amid concerns over a weakening global economy.

The meeting in the eastern city, famous for its ancient gardens and modern industrial parks, will focus on sustainable economic development, structural reform and globalisation issues, according to Finance Ministry officials.

The 21-member Apec forum has no administrative mechanism and serves mainly as a platform for discussion, though the meetings can serve as consensus builders for regional or bilateral action.

Bilateral meetings on the sidelines of the main gathering are likely to touch on sensitive issues such as the sputtering United States economy and whether the US will relent to domestic pressure for a weaker dollar to help exports.

So far, the US has insisted it does not want to see a weaker dollar but world currency markets have not been entirely persuaded.

Japan's efforts to reverse its prolonged economic slowdown and the weakness of the yen as well as China's economic strength are also likely to be reviewed.

'We believe with the joint efforts of Apec economies, the meeting will contribute to supporting stable economic growth, preventing financial crisis, expanding economic development and co-operative exchanges among all economies for the prosperity and stability of the region,' said Wang Jun of the Finance Ministry.

Deputy finance ministers and central bankers will kick off the meetings today and tomorrow. The main discussions at ministerial level will be held on Saturday and Sunday.

Summit short on optimism Page 6