The Financial Secretary, Mr Paul Chan, yesterday (October 15, Santiago time) attended the Asia-Pacific Economic Cooperation (APEC) Finance Ministers' Meeting (FMM) in Santiago, Chile.
 
     He joined various sessions to discuss global economic outlook and sustainable economic development in Asia-Pacific region, and attended the joint press conference after the Meeting.
 
     Given the global economy beset with uncertainties and downward pressures, closer collaboration between APEC member economies has to be forged to realise the sustainable growth in the region, he said. He reaffirmed that Hong Kong is firmly committed to free trade and a level playing field.
 
     He also mentioned the city's latest development in financial inclusion and fintech, such as the launch of the Faster Payment System which connects banks and stored-value facility (SVF) operators on the same platform and enables the public to transfer funds anytime, anywhere, across different banks or SVFs with funds available almost immediately. 

     At the margin of the FMM, Mr Chan called on the Minister of Finance of the Government of Chile, Mr Felipe Larrain Bascuñán. Both sides agreed to pursue a comprehensive avoidance of double taxation agreement in a bid to bolster bilateral trade and investment activities.
 
     In the evening, Mr Chan headed to the US for the Annual Meetings of the International Monetary Fund and the World Bank Group.

Ends/Wednesday, October 16, 2019
Issued at HKT 8:00

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