• By The Financial District

China Chips In For APEC Fund

China contributed US$1 million for creating a new Asia-Pacific Economic Cooperation (APEC) sub-fund on combating the coronavirus disease 2019 (COVID-19) and fostering economic recovery to support initiatives that strengthen member economies' capacity to address impacts of the pandemic and fast-track recovery.

Photo Insert: The APEC Secretariat

Antara news agency reported that a memorandum of understanding on China’s contribution to the sub-fund was signed virtually by China’s APEC senior official Lu Mei and executive director of the APEC Secretariat Rebecca Sta Maria, according to a release issued by the APEC Secretariat and received here on Wednesday.

"The COVID-19 pandemic has posed an unprecedented challenge to APEC members that requires a collective and inclusive response," Lu said. "APEC economies have strengthened cooperation to respond to COVID-19.”

She said the establishment of the sub-fund is part of these varied and continuous efforts, as well as the contribution of additional resources across APEC to combat the pandemic.

"We hope that this sub-fund would assist APEC in combating current and future pandemics, safeguarding the health and well-being of people, accelerating economic recovery, and harnessing new opportunities of the digital economy, which also contributes to the implementation of the APEC Putrajaya Vision," Lu said.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

APEC is responding to COVID-19 with numerous policy measures and tools that address different pain points caused by the health and economic crisis.

Those initiatives range from high-level commitments to expert analyses and recommendations, as well as innovative tools and practical projects.


Government & politics: Politicians, government officials and delegates standing in front of their country flags in a political event in the financial district.

The sub-fund on combating COVID-19 and economic recovery will be directed to support projects and initiatives to help member economies in their efforts to address and manage the economic impacts of COVID-19, strengthen public health systems and capacity building, expedite economic recovery, and build resiliency against future large-scale economic disruptions.


Market & economy: Market economist in suit and tie reading reports and analysing charts in the office located in the financial district.

Member economies can also tap into the sub-fund for activities that support capacity building for micro, small and medium enterprises (MSMEs) and vulnerable groups to recover and build resilience to economic disruptions caused by COVID-19.

"As we keep our focus on recovery, we see opportunities for member economies to deepen cooperation and work together for the prosperity of all our people," Sta Maria said. "This sub-fund will support initiatives focused on recovery in APEC, ensuring that we remain the world’s most dynamic and interconnected region.”


Health & lifestyle: Woman running and exercising over a bridge near the financial district.

Projects are a vital part of the APEC process. They help translate the policy directions of APEC Economic Leaders and Ministers into actions and assist in creating tangible benefits for people living in the Asia-Pacific region.

APEC provides funding for over 100 projects each year, with around US$17.7 million available in 2021.



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