Chinese Finance Minister Jin Renqing made three proposals aimed at enhancing the practicalities of APEC Finance Ministers' Meeting (FMM) at the 13th FMM, which started Thursday in Hanoi.

First, equally negotiating, treasuring practical efficiency and unceasingly improving quality of policy dialogues at FMM. Member economies of the Asia-Pacific Economic Cooperation (APEC) should center on contemporary and future issues, ensure efficiency of policy dialogues, boost market opening-up substantially and effectively, and reduce instabilities of financial markets to bolster the global and regional economy, he said.

Along with deepened globalization, economies will face more and more challenges, so they should strengthen policy dialogues, reach consensus on viewpoints, and promote the role of APEC mechanism in global and regional issues, contributing to the construction of a harmonious world.

Second, well implementing APEC's cooperation principles, and beefing up practical cooperation on economy and technique. Under the FMM mechanism for years, many proposals and initiatives on financial cooperation, including those on research and training have brought about good results, the Chinese finance minister said, noting that they involve in experience exchange and capacity- building strengthening.

APEC economies should further step up practical cooperation on the issue, he said, noting that China is willing to, via the Asia- Pacific Finance and Development Center, do more works to beef up financial cooperation and heighten regional development.

Third, promoting dialogues, actively offering guidelines, and bringing into play the role of international institutions and the private sector.

The active participation of the institutions, acting as think- tanks, and the sector, representative of the market, will give strong boost to promoting the efficiency of FMM, he said.

APEC finance ministers and the private sector, for the first time, held dialogues at the 12th FMM in 2005 in South Korea. Their dialogues at the 13th meeting lasted for one hour and produced good results.

APEC members should seek new modes of dialogue between finance ministers and international institutions and the private sector, facilitating the new motive and vitality of the APEC for its further development, the Chinese finance minister said.

The 13th FMM, whose themes are "Promoting Public Finance Efficiency and Sustainability Towards Stable and Efficient Revenue Sources," and "Financial Sector Reform to Attract Capital Flows," will issue a joint ministerial statement on Friday.

APEC has 21 member economies, including China, the United States, Japan, Vietnam, Singapore and Australia, which account for more than a third of the world's population and over 41 percent of world trade.

Source: Xinhua