APEC finance chiefs discuss post-pandemic fiscal reform

Finance ministers at the Asia-Pacific Economic Cooperation forum have discussed how to advance fiscal reforms in the post-pandemic era.

Finance chiefs from 21 Pacific Rim economies, including Japan, the United States and China, began their meeting in San Francisco on Sunday.

US Secretary of the Treasury Janet Yellen delivered an address at the opening of discussions on Monday.

Yellen said the Asia-Pacific region is at the center of the global economy. She said that the actions that APEC members take matter, not only for their own economies and people, but also for addressing the challenges the world faces.

The APEC finance ministers noted that countries around the world increased government spending to deal with the COVID-19 pandemic.

The ministers exchanged views on how to implement fiscal reforms, taking into consideration the economic situation of each nation.

The ministers are expected to discuss how to push the rollout of renewable energy financially with the aim of tackling climate change.

Yellen is expected to hold a news conference after the meeting wraps up.

The APEC summit is scheduled to open on Wednesday as part of a series of APEC meetings that continue until Friday.