Financial Secretary Paul Chan yesterday attended various meetings in San Francisco ahead of the Asia-Pacific Economic Cooperation Finance Ministers’ Meeting, due to take place in the city today.

In the morning, Mr Chan attended the Finance Ministers' Retreat, which was hosted by US Secretary of the Treasury Janet Yellen.

The session focused on the fiscal policies of member economies and related issues such as post-pandemic financial positions. The ministers discussed how to allocate resources more effectively amid a continued rise in necessary recurrent spending as well as the impact of demographic changes on fiscal policies.

Stressing that Hong Kong maintains its institutional and locational advantages under the “one country, two systems” framework, Mr Chan said that the city is able to use its sound fiscal position, strong financial stability and low government debt-to-gross domestic product ratio to promote the development of the economy and key industries.

As an international financial centre, he explained, Hong Kong serves as a high value-added fundraising and professional services platform, one that provides highly efficient fund flows, project management and risk diversification, as well as attractive potential returns for green transformation and infrastructure projects.

In the afternoon, Mr Chan met representatives of various economies participating in the Finance Ministers’ Meeting, including Singapore’s Minister in the Prime Minister’s Office and Second Minister for Finance and for National Development Indranee Rajah, and Minister at the Prime Minister’s Office and Minister of Finance and Economy II of Brunei Darussalam Dato Dr Amin Liew.

They exchanged views on the latest developments in economic, financial, and social matters, and expressed willingness to deepen financial and economic exchanges and co-operation.