The Asia-Pacific Economic Cooperation (APEC) Finance Ministers’ Meeting was held in Cebu Island of the Philippines on September 10.

Opening the event, Philippine National Treasurer Roberto Tan said it is imperative for APEC member economies to enhance the financial integration to boost intra-regional trade and investment.

He also called for fiscal reforms to make policy more effective and underlined the significance of public-private partnerships in meeting the region’s infrastructure needs.

The meeting took place amid growing concern over the growth slowdown of China, the world’s second biggest economy, and recent fluctuations in global financial markets following Beijing’s devaluation of its yuan.

Established in November 1989, APEC now comprises 21 economies, including Vietnam. It represents around 39 percent of the world’s population, 57 percent of total global GDP and 47 percent of international trade.

The Philippines is the host of the APEC Year 2015. The APEC Economic Leaders’ Week is expected to be held in the capital city of Manila this November.-VNA