Sun, November 23, 2008
China > China & World > 2008 APEC Summit

APEC leaders pledge further actions to tackle financial crisis

2008-11-23 08:10:59 GMT2008-11-23 16:10:59 (Beijing Time)  Xinhua English

Leaders take their seats at the start of the first meeting of the Asia-Pacific Economic Cooperation (APEC) summit in Lima, November 22, 2008.[Agencies]

Chinese President Hu Jintao (R) is greeted by Peruvian President Alan Garcia as he arrives at the Ministry of Defense Convention Center for the first meeting of the Asia-Pacific Economic Cooperation (APEC) summit in Lima, November 22, 2008.[Agencies]

Chinese President Hu Jintao (L) and Chief Executive Donald Tsang of China's Hong Kong Special Administrative Region walk toward their vehicle after a meeting at the Asia-Pacific Economic Cooperation (APEC) summit in Lima, November 22, 2008.[Agencies]

Chinese President Hu Jintao (R) and US President George W. Bush shake hands before their meeting at the APEC Summit in Lima, Peru, Friday, Nov. 21, 2008. [Agencies]

Canada's Prime Minister Stephen Harper (C) takes his seat near Singapore's Prime Minister Lee Hsien Loong (L) and Peru's President Alan Garcia (R) before the start of the first meeting of the Asia-Pacific Economic Cooperation (APEC) summit in Lima,[Agencies]

LIMA - Leaders of the Asia-Pacific Economic Cooperation (APEC) member economies promised on Saturday to take further actions to deal with the global financial crisis.

In a statement issued in Peru's capital Lima, on the first day of their two-day summit, the leaders said they discussed the impact of the financial crisis and the actions APEC members are taking, individually and collectively, to restore confidence in their economies and maintain the region on a a path of long-term growth.

"We have already taken urgent and extraordinary steps to stabilize our financial sectors and strengthen economic growth and promote investment and consumption," the statement said.

"We will continue to take such steps, and work closely, in a coordinated and comprehensive manner, to implement future actions to address this crisis," it said.

The leaders pledged support for efforts by export credit agencies, international financial institutions and private banks to ensure that adequate finance is available to business, including small and medium-sized enterprises, and to keep trade and investment flowing in the region.

They also welcomed continued development and innovation in the financial sector and called for more effective regulatory and supervisory tools as financial systems deepen and become more complex.

"The crisis also highlights the need to develop more effective standards of corporate governance and risk management as well as the importance of social responsibility in the financial sector," said the statement.

Meanwhile, the APEC leaders also expressed support for the Washington Declaration adopted at the G20 summit in Washington earlier this month and the common principles that will guide the Action Plan for financial markets reform.

They reaffirmed their commitment to Bogor goals of free and open trade and investment in the Asia-Pacific as a "key organizing principle and driving force" for APEC.

The "Bogor Goals," adopted by APEC leaders at their 1994 summit in Bogor, Indonesia, specify the APEC objectives for free and open trade and investment among industrialized members by 2010, and among developing members by 2020.

A total of 19 leaders from the APEC member economies attended the summit that began Saturday afternoon.

APEC, established in 1989, groups Australia, Brunei, Canada, Chile, China, China's Hong Kong, Chinese Taipei, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, South Korea, Thailand, the United States and Vietnam.

Add Your Comments:

Your Name:
Your Country:
Comment:
(English Only)
 
Please read our Terms of Service. Messages that harass, abuse or threaten others; have obscene or otherwise objectionable content; have spam, commercial or advertising content or links may be removed.

SPECIAL COVERAGE

MOST VIEWED

LATEST VIDEO

PICTURE GALLERY