Financial Secretary Paul Chan today attended the Asia-Pacific Economic Cooperation Finance Ministers' Meeting in Incheon, Korea and met Chair of the Meeting, the Republic of Korea's Deputy Prime Minister and Minister of Economy & Finance Koo Yun-cheol.

This year's meeting is focused on key issues including the economic situations and outlook, regionally and globally, as well as digital finance and the fiscal policies of member economies.

Mr Chan spoke at various sessions of the meeting. During a session on the economic outlook, he remarked that global growth momentum has weakened amid rising challenges from unilateralism and tariffs.

He stressed that the global economy is facing heightened uncertainty, with some economies having to choose between co-operation and coercion, as well as between shared prosperity and narrow self-interest.

Against this backdrop, Hong Kong, China remains firmly committed to upholding a free and open trade and investment environment, providing global enterprises and investors with a stable, consistent and predictable business environment.

Mr Chan called on all member economies to safeguard a rules-based multilateral trading system and to work together in promoting sustainable regional economic growth.

At the session on digital finance, he spoke about how blockchain technology and artificial intelligence are creating rapid advances in digital financial services. These technologies not only improve efficiency and reduce costs, but also play a key role in driving financial inclusion. Drawing on Hong Kong, China's experience, he shared three key observations on developing a robust fintech ecosystem.

At the session on fiscal policy, the finance chief shared Hong Kong, China's economic strategy, which includes solidifying its strengths as an international financial and trading centre, while fostering growth of emerging industries such as innovation and technology.

He also outlined the Government's fiscal consolidation plan, which focuses primarily on containing expenditure growth, complemented by modest revenue measures based on user-pay and affordability principles.