APEC Finance Ministers have concluded their meeting in Moscow. The ministers from around the globe issued a joint statement on advancing policies to make the financial sector more balanced and inclusive in the Asia-Pacific region.

The joint statement provides guidance for helping APEC economies improve fiscal sustainability. It pays particular attention to governing public finance and the need to closely monitor vulnerabilities stemming from a build-up of excessive private debt.

It also put forward concrete initiatives for improving financial literacy and strengthening natural disaster risk management.

The consensus among APEC Finance Ministers was that these approaches can collectively mitigate immediate global and regional challenges within the sector and reinvigorate growth.

It’s also hoped they will help address structural issues to put the financial sector on more solid footing in the longer-term.

Chinese Vice Finance Minister Wang Jun said that the ongoing debt crisis and instability in global markets have slowed economic development in APEC economies but that the region remains dynamic.