APEC Finance and Development Program (AFDP), an initiative proposed by China, aims to strengthen capacity building in the APEC region through the mechanism of the APEC Finance Ministers Meeting. Through financing research, organizing forum and providing training courses, the Program boosts the capacity of the APEC Economies in the fields of finance and development and explores approaches tailored to the diverse situations of the member economies in the APEC region. APEC Finance and Development Program (AFDP1 was endorsed by the 8th APEC Finance Ministers Meeting held in Suzhou in September 2001, and subsequently by APEC leaders in Shanghai in October 2001. On October 21. 2001, Chinese President Jiang Zemin unveiled the Program, marking its official launching.
With the acceleration of globalization and the increasing financial inter-dependence, the challenges of promoting financial stability and achieving sustainable economic growth are becoming more etched. It is widely recognized that human capacity is a key prerequisite for an economy and its people to be able to share the benefits of globalization and minimize the risk?, it poses. In this context, there has been rising demand in APEC for cooperation in capacity building to achieve APEC's shared vision of stability, security and prosperity.
During their past meetings, APEC leaders have consistently stressed the importance of strengthening capacity building in the APEC region, and asked Finance Ministers to continue their efforts to develop the capacity of their economies and people to strengthen financial sector and sustain economic development over the long term. The APEC Finance and Development Program, through providing training courses, financing research projects and organizing forums, aims to contribute to human resources development by providing training courses designed to meet the specific needs of the region; explore ways to promote sustainable growth in this region, and to develop approaches tailored to the diverse situations of member economies in the region; and provide useful inputs to policy making on significant policy issues of direct concern to APEC members.
Following a specific theme, the APEC Finance and Development Program (AFDP) provides financial support for several research projects to be conducted by research institutions in member economies. Research will focus on the area of finance and economic development. It mainly aims to summarize and develop the experiences of APEC economies in the areas related to finance and development, explore into the cutting-edge issues to find the solution to relevant problems, and provide reference for the APEC Ministers' Meeting and APEC leaders to formulate policies in regional finance and development areas.
The Secretariat is responsible for coordinating research projects. Based on the research theme determined by the Panel of the AFDP, the Secretariat will call for research proposals from public and private sectors. The Panel will screen the research proposals and determine the research projects to be supported by the AFDP. The supported research teams should submit the finished written reports to the Secretariat. The high quality research findings are to be included in the APEC Finance and Development Program Annual Report, which will be submitted to the APEC Finance and Central Bank Deputies Meeting. All of the findings in the reports represent the views of neither APEC nor the APEC Finance and Development Program, but of the researchers themselves.
APEC Finance and Development Program 2002 Annual Forum was held at Diaoyutai State Guesthouse in Beijing on May 26, 2002. The Forum is jointly sponsored by the World Bank and the Secretariat of the AFDP. Officials from the State Council and Beijing Municipal Government, senior officials from APEC member economies and experts and professionals from the industrial and commercial circles gave presentations at the Forum. The participants held discussions on capital market development and the financing and economic growth of small and medium-sized enterprises.
The APEC Finance and Development Program (AFDP) 2003 Annual Forum, organized by the AFDP Secretariat and the World Bank, was held in Shanghai on October 15. 2003. "Establishing Stable Financial Systems: Policy and Challenge" was the topic of the Forum, which covered the following three sessions;