The Asia-Pacific Economic Cooperation (APEC) Finance Ministers' Meeting opened in Hong Kong on Tuesday (Oct. 20), bringing together finance ministers and representatives from member economies, heads of international organizations and senior representatives of partner organizations for two days of discussions on regional economic cooperation.
The two-day meeting builds up financial sector outcomes ahead of the 33rd APEC Economic Leaders' Meeting, scheduled in Shenzhen in November.
As the meeting takes place in HK for the first time, the city is using the occasion to highlight its position as an international financial center, its role in connecting the Chinese mainland with the rest of the world, and its contribution to regional economic development and cultural exchange.
Chinese Finance Minister Lan Fo'an, also chair of the 2026 APEC Finance Ministers' Meeting, led the Chinese delegation and presided over the proceedings. Chen Xu, chair of the 2026 APEC Senior Officials' Meeting, briefed participants on the progress and achievements of "China Year" as APEC host.
Speaking at a welcome dinner on Tuesday evening, John Lee, the Chief Executive of the Hong Kong Special Administrative Region, described the meeting's debut in the city as a historic moment for HK.
For more than three decades, APEC has demonstrated the power of dialogue and cooperation in promoting economic growth and improving people's livelihoods, Lee said. Finance ministers play a key role in advancing this mission, from financing future infrastructure and expanding access to financial services to helping young people thrive in the global economy.
Addressing these challenges requires member economies to work together to develop economies that are more resilient, innovative and inclusive, creating lasting opportunities for businesses, communities and future generations, he said.
Lee added that these objectives align closely with HK's own development goals.
HK highlights its strengths as an international financial center
Lee said the city's position under the "one country, two systems" principle gives it the distinctive advantages of being backed by the Chinese mainland while remaining connected to the world.
As a founding member of the World Trade Organization, HK has consistently advocated free trade. Its zero-tariff policy and simple, low-tax regime provide a stable, secure, fair and predictable business environment for international investors and professionals, helping reinforce its position as a global financial center, he said.
The meeting also offers an opportunity for HK to demonstrate how its international connections can support broader regional cooperation.
International media organizations have focused on discussions at the meeting concerning global economic uncertainty, geopolitical conflicts, artificial intelligence and the green transition, while examining the significance of HK hosting the finance ministers' gathering for the first time.
A foreign journalist covering the meeting told Wen Wei Po that the opportunity was particularly valuable and exciting. Assigned to general news coverage of the APEC gathering, the journalist said the event had attracted attention from audiences in different parts of the world and offered HK an opportunity to showcase its strengths and its role in connecting the world in line with China's development vision.
The journalist also expressed a desire to gain a deeper understanding of HK through the reporting assignment.
International news agencies have likewise followed the meeting for signals about the direction of the global economy and financial markets. Their coverage has examined China's positions on the current macroeconomic and financial environment, as well as Lan's remarks on contributing to regional prosperity and strengthening dialogue on macroeconomic policies.
China has also called for economies to seize opportunities arising from digitalization and the green transition, promote innovative cooperation in artificial intelligence, the digital economy and green, low-carbon development, and foster new sources of economic growth.
These discussions reflect the importance of policy coordination and innovation in shaping the region's future economic development.
Traditional Chinese culture meets international audiences
Beyond financial and economic discussions, HK is also using the APEC meeting to showcase Chinese traditional culture and the city's cultural heritage to international visitors.
The refreshment area beside the main meeting venue has been transformed into a small cultural exhibition space featuring Chinese paper-cutting, the traditional Chinese zodiac, HK's intangible cultural heritage of lion-head crafting, and elaborate Cantonese opera costumes.
The displays bring traditional Chinese craftsmanship and HK's distinctive cultural heritage directly to delegates attending the international gathering.
Mathew, a nationally certified senior-level inheritor of paper-cutting intangible cultural heritage skills, demonstrated the craft on site and spoke to Wen Wei Po about its role in cultural exchange.
Traditional craftsmanship, he said, does not require many words. The blessings and goodwill embedded in Chinese culture can be conveyed naturally through paper and scissors.
HK, as a center for cultural and artistic exchange between the country and the rest of the world, provides an ideal platform for presenting Chinese cultural heritage alongside local elements, he said.
A prominent red display panel introduces the Chinese zodiac in English and features 12 paper-cut designs representing the zodiac animals. Nearby, a paper-cut rendition of the Chinese character "fu," meaning good fortune, incorporates auspicious clouds and the bauhinia, the floral emblem of the HKSAR.
As Mathew carefully cuts the paper, the intricate designs gradually take shape, attracting delegates who stop to watch, including visitors who may be unfamiliar with the cultural traditions behind the craft.
Mathew said the opportunity to introduce paper-cutting to participants from different economies was a valuable form of international exchange. The live demonstrations often draw people in and encourage them to learn more about the art form.
Traditional craftsmanship can help connect people across cultures without requiring extensive verbal communication, he said.
Other exhibits showcase the making of traditional lion heads, illustrating four key stages of the craft: framing, shaping, painting and decoration. Visitors can follow the transformation of a bare bamboo framework into a brightly colored lion head with vivid features.
The Cantonese opera display features two sets of costumes. One, designed for a female role, is made from lightweight, translucent fabric adorned with shimmering silver embroidery. The other is an imposing warrior's costume decorated with scale patterns, a tiger motif on the abdomen and martial flags attached to the back.
Alongside these traditional exhibits, panels highlight HK's initiatives and achievements in technological innovation, the green transition and financial development, presenting the city as both a custodian of Chinese cultural heritage and a modern international metropolis.
Lee said the government was pleased to arrange visits that would allow guests to experience HK beyond the formal banquet, including its rich cultural and artistic offerings, technological achievements and renowned Victoria Harbour.
The meeting thus provides a platform for HK to bring together economic cooperation, international engagement and cultural exchange, while demonstrating how the city's connections with the Chinese mainland and the wider world can contribute to a more resilient, innovative and inclusive regional economy.
(Source: Wen Wei Po; English Editor: Zoey SUN)
Related News:
Hong Kong hosts APEC finance ministerial today; World Bank, IMF and ADB reps among attendees
Comment