第二十一届APEC财长会联合声明

　　第二十一届APEC财长会联合声明

　　(中文译文)

　　1.2014年10月22日，第二十一届亚太经济合作组织(APEC)财长会在中国北京召开，中国财政部部长楼继伟主持会议，APEC各成员经济体财长出席会议。亚洲开发银行(ADB)行长，国际货币基金组织(IMF)副总裁，经济合作与发展

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• 中国建筑

　　区域宏观经济形势

　　2.全球经济仍然面临需求持续疲软，增长不平衡，增速不足以创造所需就业岗位等问题，经济下行风险依然存在。APEC地区作为世界经济的引擎，应当引领全球经济复苏，实现强劲、可持续和平衡的增长。我们强调，APEC财长会机制(FMP)是区域内各成员交流经验、交换意见、达成共识与深化合作的重要平台。我们承诺，将更加积极地利用这一平台，同时加强APEC财长会机制与G-20等其他多边合作机制的政策合作。

　　3.我们认识到实现可持续增长既需要短期也需要长期政策。我们将根据短期经济形势的变化，在实施财政政策时继续保持灵活性，从而支持经济增长与创造就业，并确保财政可持续性。 我们重申之前关于货币和汇率政策的承诺。我们还重申将致力于解决我们经济发展中的薄弱环节，释放新的潜在增长来源，包括通过实施新的结构改革措施及履行现有的改革承诺。

　　基础设施投融资合作

　　4.投资对刺激需求和促进经济增长至关重要，其中基础设施投资对实现经济增长潜力和达到发展目标有着重要作用。鉴于基础设施建设的资金需求和APEC各经济体有限的政府资金规模之间存在巨大缺口，我们呼吁各方采取进一步措施，包括通过自身的政策改革，吸引长期融资并撬动民间资本来填补这一缺口，其中包括公私合作(PPP)模式。我们将与东盟及其他地区的现有工作与倡议开展合作，在本地区继续推动建设精心设计、可持续、高质量的基础设施。

　　5.我们认识到公共部门在推动PPP模式方面发挥着重要主导作用，包括构建有利环境，根据基础设施质量要素、良好实践与原则以及以人为本的投资制订基础设施开发计划，准备可融资项目以及吸引长期私人融资等。我们注意到今年在财长会机制下，为实施2013年APEC领导人通过的“APEC基础设施发展和投资多年期计划”(MYPIDI)所做的重要工作和所取得的丰硕成果。我们很高兴地看到，在各成员经济体和国际组织的支持下，反映APEC各成员在实施PPP项目方面相关经验和教训的《APEC经济体基础设施PPP项目案例汇编》已经汇编成册。我们通过了在案例研究基础上形成的《APEC地区基础设施PPP实施路线图》，为APEC成员经济体设计和实施PPP基础设施项目提供有益借鉴。《路线图》和《案例汇编》将会作为APEC财长会对APEC互联互通蓝图和APEC领导人会议的切实贡献提交给APEC领导人。

　　6.我们重申，公共部门能力建设在促进基础设施PPP融资方面十分重要，在此过程中可学习APEC各经济体在实施PPP项目方面的不同做法。为此，我们欢迎APEC为加强PPP项目实施能力推出的、面向成员经济体负责基础设施建设官员的培训项目。我们也欢迎APEC各成员为支持本地区发展中经济体基础设施PPP能力建设和项目开发所做的努力，包括中国从其在亚行设立的减贫和区域合作基金(PRCF)投入500万美元用于基础设施PPP能力建设和项目开发。

　　7.我们认为PPP中心是提高PPP项目政府实施能力的有用工具。我们认识到2014年全年印尼在建立PPP试点中心方面取得的进展。我们鼓励有意向的成员经济体建立自己的PPP中心，并呼吁在现有和新成立的PPP中心以及APEC研究中心间开展广泛的经验分享、交流和联网。为此，我们欢迎在中国财政部内成立PPP中心，作为示范中心促进PPP项目开发和政府机构建设。我们欢迎APEC PPP咨询专家组所取得的相关进展，包括今年正式启动工作及通过任务大纲等，感谢其在促进PPP项目实施能力建设方面所做的工作，并鼓励其继续支持本地区已有和新成立的PPP中心。我们鼓励ADB、世行、OECD等国际组织支持APEC地区PPP项目的开发和必要的改革，包括以能力建设、技术援助、分析评估和交易咨询服务等各种形式提供支持。

　　8.我们决心动员包括长期机构投资者在内的私营部门投资者参与基础设施建设，例如通过亚太金融论坛(APFF)和亚太基础设施合作(APIP)等APEC倡议活动，促进各经济体内部资本市场的发展，并构建有利于基础设施发展的环境。我们敦促国际组织继续支持PPP基础设施项目，为亚太地区基础设施动员长期融资。因此，我们欢迎世行集团《关于基础设施项目优先排序以提升发展影响》的报告，以及G-20/OECD关于促进长期投融资的有效方法与清单，并在此基础上呼吁亚行、世行、OECD和其他国际组织为APEC地区研究总结良好的实践与做法。

　　促进经济结构调整的财税政策与改革

　　9.我们承诺致力于实施适当的财税政策以促进经济结构调整，并在确保公共财政可持续的基础上，实现强劲、可持续和平衡的增长。我们愿加大力度为所有公民创造更多就业机会。尤其是将继续支持高附加值服务产业的发展，为青年创造高质量的就业岗位；支持中小企业(SMEs)作为经济活动、增长与就业驱动力的发展；并加大对研发的投资。我们也会继续提供更多的教育和培训机会，解决就业问题，尤其是青年和妇女的就业问题。在应对环境与资源有限性的共同挑战方面，我们认识到，财税政策可以是绿色增长市场机制的补充，能够在鼓励采用环境友好型和资源节约型技术方面发挥促进作用，这将有助于提高各成员经济体的长期竞争力并提供新的增长机会。

　　10.我们认识到健全财政制度，包括在成员经济体中建立中期财政框架及深化预算改革以加强财政可持续性至关重要。我们注意到今年APEC各经济体就此开展了广泛的经验分享，希望今后在此领域继续开展相关工作。

　　11.我们强调继续促进公正和透明的税收体制建设。我们认识到，G20等论坛的参与方在实现两年内完成“G-20/OECD关于税基侵蚀和利润转移(BEPS)行动计划”的目标，以及实施新的“税收信息自动交换”全球标准方面取得了重大进展，这也有利于APEC各经济体建立公正有效的税收体制。

　　12.我们强调公开透明的政府采购对培育健康且具有竞争力的服务业十分重要。

　　金融支持区域实体经济发展

　　13.我们认识到具有深度、流动性强、高效的金融体系有助于引导资本投向更具生产力的活动，从而促进未来的可持续增长。我们认识到APEC地区易受自然灾害的影响，鉴此，我们重申在该地区继续加强灾害风险融资(DRF)、从而建立具有弹性的实体经济的重要性，包括建立健全灾害风险财政管理，支持保险及资本市场开发有效的风险转移工具等。我们期待ADB、OECD、IMF、世行等国际组织继续与APEC成员经济体合作，提供能力建设服务、介绍有益实践经验并明确有效方法，帮助解决APEC在灾害风险融资方面的重点问题。这一领域的进展将向下一次APEC财长会报告。

　　14.我们认识到气候融资对解决气候变化问题非常重要，并重申我们对绿色气候基金的支持。

　　15.我们认识到中小企业是区域经济的支柱，但目前面临融资困境。因此，我们同意进一步努力破解中小企业融资难题，改善法律和监管环境，进一步发展资本市场，促进供应链融资等创新融资工具的发展。我们还承诺加强金融教育，促进中小企业能力建设，以帮助其深入了解金融市场，并在区域和全球市场有效开展业务。我们注意到ADB的亚洲中小企业金融监测、ADB-OECD关于提高中小企业融资可及性的研究，以及全球普惠金融合作伙伴关系的相关工作。我们请IMF、OECD、ADB及世行研究如何推动市场与工具的创新发展，这将有助于进一步促进APEC地区中小企业和基础设施融资。

　　其他

　　16.我们欢迎中国将亚太财经中心(AFDC)升级为亚太财经学院(AFDI)的倡议，从而满足亚太地区金融领域知识共享的新需求，我们感谢中国对亚太地区经济与技术合作以及能力建设的支持。我们将加强与亚太财经学院的合作，包括通过APEC研究中心开展合作。

　　17.我们注意到亚洲基金护照自2010年以来取得的进展，包括向一些APEC经济体散发磋商文件，就指导原则和基本安排提案征求意见。

　　18.我们感谢APEC工商咨询理事会的报告和倡议。我们鼓励相关政府部门与亚太金融论坛(APFF)合作，共同促进资本市场发展、中小企业融资和长期投资。我们欢迎APIP倡议下的持续对话以及亚太普惠金融论坛关于如何扩大融资渠道的报告。我们欢迎ABAC关于动员长期储蓄、稳健的估值方法、创新融资机制、城市基础设施建设和新兴市场货币国际化的相关建议。

　　19.我们感谢中国主办本年度的APEC财长会机制。我们将于2015年9月10-11日在菲律宾宿务岛召开第22次财长会。

　　(英文为正本，中文译文为参考稿)

　　附件A

　　APEC区域基础设施PPP项目实施路线图

　　(中文译本)

　　I. 背景

　　1、开发规划良好、高质量和可持续的基础设施项目有助于推动经济增长、提高生产率、促进就业。区域基础设施发展可以促进商品、服务和人员的跨境自由流动，促进互联互通与可持续发展。考虑到APEC区域巨大的基础设施需求和公共部门有限的财政资源， PPP提供了一个新的、有别于传统政府采购模式发展基础设施的可行模式。推广PPP模式不是最终目标，而是促进基础设施发展的重要手段，成功的PPP项目可有效扩大公共基础设施供给，提高公共服务的质量和资金使用效率，并通过分担风险和责任，最大限度地利用私营部门的资金和技术。APEC财长会机制可在推广PPP模式中发挥重要作用。

　　II. 目标

　　2、基础设施PPP实施路线图旨在落实2013年印尼作为APEC机制东道主通过的APEC基础设施发展和投资多年期计划，并为APEC未来发展基础设施PPP项目提供指导，特别是帮助APEC各经济体的政府官员更好地了解、准备、设计和实施PPP项目，并做出适当的融资安排。该路线图以APEC各经济体自愿提供的交通、能源、通信及水务等领域的PPP项目案例为基础，同时借鉴了G20等机制及世行、亚行、APEC工商咨询理事会(ABAC)、经合组织(OECD)等国际机构此前的工作。路线图特别关注实施环节，可为AEPC各经济体特别是发展中经济体的政府官员在实施PPP项目的每个环节提供指导和参考。

　　3、考虑到APEC各经济体情况不同，发展状况差异较大，路线图并非“放之四海而皆准”，而是供各经济体在开发PPP项目时根据自身情况有选择地加以参考。

　　III. 路线图

　　4、PPP的特征。PPP建立在公共与私营部门之间的长期合同关系之上，较为复杂，尤其是项目生命周期中存在的不确定性和风险，长期承诺以及包括政府、私营部门、消费者或服务使用者和公众在内的各利益相关者的互相影响。在推广PPP模式时，政府部门需要发挥主导作用，包括提供完善的法律保护和机构能力支持，做好规划和准备工作，以及对PPP项目及资金安排进行监督。

　　5、有利的环境。对于私营部门参与者而言，透明、稳定且可预见的支持政策和法律环境是保证PPP项目成功实施的重要基础。法律框架需要对以下内容做出明确规定，包括私营部门投资的权利和义务，透明和规范的采购流程，不同机构执行合同的能力，公平的合同仲裁程序，以及支付违约的救济措施。定义明确的针对各个部门的监管机制，以及设定和调整用户收费，均是合同中不可或缺的部分。如没有专门的PPP框架，至少需要有允许私营部门参与提供基础设施和公共服务的一般性的法律制度框架。

　　6、规划。制订基础设施投资计划或重点项目清单有助于展示政府高层的政治承诺和未来项目意向。具有连续性和明晰时间表的项目库有助于提高私人投资者参与基础设施项目的意愿。高质量、一体化的项目规划通常包括投资水平、预期经济社会效益、私人投资和公共投资之间的联系以及政府部门希望PPP所发挥的作用。这样的规划将通过良好的成本效益分析对各级政府的项目进行综合排序，明确各项目如何契合整体基础设施规划、适宜的融资和交付模式以及资源如何进行分配的。在PPP项目设计和实施过程中，应借鉴质量因素、优秀做法和原则，并将社会和环境因素纳入考虑。

　　7、项目选择。并不是所有的项目都适合PPP，PPP模式选择不当会延长采购时间，增加采购成本，降低项目效益。因此，各经济体政府应尽量选择在商业可行性方面有前景的项目。有必要开展深入的前期可行性研究，确保所选项目适合PPP模式并合乎经济原则，反映生命周期成本，能够实现物有所值。对于复杂的大型项目而言，设定结构化的、连续的筛选程序是检视项目是否适宜使用PPP模式关键的第一步。筛选程序应确立项目以PPP模式开发的商业模式，包括明确产出要求，评估其在政府战略目标中的整体财务及社会经济成本和收益，确定收入来源及项目从银行获得贷款的可能性，以及评估私营部门参与的优势。在这一过程中，政府可以比较公共和私营部门联合融资的一系列备选方案。在适合采用主动投标的情况下，项目选择程序应透明健全，以确保项目的有效性和合规性。处理主动投标项目比较好的做法还包括以竞争形式对这些提案进行检验。

　　8、项目准备。筛选过的PPP项目在进入市场前，需要做充分的准备和设计。政府有必要开展有力的尽职调查并就技术、法律、金融、经济、环境和社会问题做好准备，以便评估不同方案的优劣，选择最优的交易结构，吸引潜在投资者。政府可以为创建项目准备机制提供便利，如设立专用基金支持可行性研究，承担项目准备环节的部分费用。项目股权等费用收回机制可以帮助这些基金实现自我维持。为改善项目准备，政府可以制定一个清单并对关键环节进行审查，以检验项目能否进入下一阶段并最终投入市场。需要采取诸如聘请专业顾问这样的措施进一步提高政府部门(尤其是签约机构)的管理能力，以便有效地完成项目。对于处于初期发展阶段的市场，在合理的时限内推出高质量的成功的PPP项目，比关注项目数量更能够有效地吸引投资者。

　　9、采购。透明、竞争的招标程序为选出最物有所值的项目方案提供了最佳框架。为了提高采购的效率，设置紧迫但可实现的截止期限并确保公私部门的高层都参与其中具有重要意义。在整个预招标和预设计过程中，私营部门和政府之间积极开展透明的协商十分重要。标准化的PPP合同能提高透明度、一致性以及采购程序的效率，对于需写入PPP合同的问题设置标准条款也能起到上述作用。不过，对于具体项目的招标，可以根据需要根据投标人的反馈意见并结合政府的目标和政策对若干条款及条件做出适当调整，以优化项目的风险分配，或提高项目获得银行贷款的能力。

　　10、PPP合同。项目合同是管理公私伙伴关系，并说明在整个项目生命周期内如何分配并降低风险的法律文件。合同中应列出公共部门和私营部门各自的作用和责任、服务义务、项目的收入来源、关键绩效指标、合同监督机制、争端解决机制和终止条款等内容。鉴于PPP合同的长期性，合同应预留适当的灵活性以使其能够适应不断变化的环境。但灵活性不应降低可预见性。

　　11、风险分配。风险分配是PPP获得成功的核心要素。风险分配不当可能会导致招标失败、价格和成本升高以及服务延迟或质量降低。风险分配的基本原则是风险应该由最适合管理并能以最低成本减轻风险的一方来承担。在项目开发的早期阶段就在协议中明确界定风险的分配，有助于吸引私营部门参与并确保公共部门资产负债表的稳健性。一般来说，有关设计、绩效、技术、建设和运营的风险通常由私营部门承担，而其他诸如政治、法律和监管的风险则更适宜由公共部门承担。利率和汇率波动、价格结构和不可预见的风险可以由公共部门和私营部门共同承担。应在项目的规划、设计和建设层面都考虑进自然灾害的风险，以降低自然灾害可能带来的影响，从而降低PPP的金融风险。

　　12、随着市场的发展，更多成熟的成功项目的出现以及私营部门承担风险能力增强，政府可以调整自身作用。在未建立风险评估基准，或私营部门对市场缺乏充分了解的发展中经济体，政府可以考虑根据其他发展中经济体的类似项目来开发标杆项目并提供强有力的支持。这些标杆项目可以作为后续项目的起点，使私营部门更愿意承担风险。

　　13、项目融资。“绿地”或新建的基础设施PPP项目本身属于高度资本密集型，如果风险分配得当，项目融资可以有效提高融资的能力。发展长期本币金融市场可以促进当地的银行、公司等市场主体更多地参与基础设施融资。促进机构投资者—比如养老基金、保险公司和主权财富基金的长期投资还可以扩大基础设施的融资渠道。为长期基础设施投资提供有益的监管框架，包括通过股权转让实现退出的清晰流程，可以促进项目融资。多边开发银行可通过创新性的融资方案，例如贷款、股权投资、贷款担保和项目债券保险等帮助实施PPP项目。已经投入运营的“棕地项目”，吸引私人投资的难度相对较小，因为项目已有实际经验和绩效，降低了风险。

　　14、政府支持。一些PPP项目的经济效益高，但财务回报低。对此类项目，适宜由政府提供资金支持，例如通过可行性缺口资金(VGF)提供前期资金补贴、弥补用户付费的缺口和/或提供收入保证。在承担项目的公共机构信誉不足的情况下，政府需要提供担保以确保该机构能够按时履行职责。这就需要政府从中长期角度，积极管理财政承诺及或有债务以确保财政可持续性。位于人口稠密地区的项目，能从商业经营或土地价值上中获取巨大的额外收入，这将降低其对政府支持的需求。此外，VGF也可以用作“招标变量”，即选择对补贴要求最少的受让人。许多基础设施建设项目涉及一些较为敏感的决策，如公用事业收费、土地征用或合同授予等，这种情况下，上级政府的政治支持十分必要。

　　15、PPP中心。设立PPP中心增进与私营部门的协作可以增强政府部门推动PPP的能力。许多APEC经济体已经在中央或地方政府、行业部门，或财政部等综合部门设立了PPP中心。PPP中心可以作为示范中心，帮助政府起草投资计划，制定PPP相关政策，选择、设计和实施项目，提供资金并监督PPP项目的开展，管理与私营部门的长期合同，协调各机构工作，并维护政府利益等。PPP中心还可以开发和管理PPP项目操作手册，对成功和失败的项目进行分析和总结经验以改进以后的决策，并作为招聘和培训PPP专家的中心。为确保PPP中心的良好运行，专门的政府团队、清晰的职责界定和权威性三者缺一不可。PPP领域的研究成果应更好地适应实体经济发展的需要，增加的研究投入应切实促进该领域的研究。

　　16、利益相关者协商。PPP项目多为具有重大社会影响的基础设施项目，会涉及许多利益相关者。因此利益相关者的参与和协商对降低公众关切和减少负外部性尤为重要。引导当地公众参与所在地区基础设施项目的遴选、优先级排序和规划不仅可以赢得公众对项目的支持，也有助于从环境和社会角度评估项目的可行性或可持续性。这将有利于在更好地了解社区民意的基础上对PPP项目进行优先排序，并更好地利用私营部门的资金和专业能力。

　　17、提高PPP的透明度有助于促进利益相关者对项目的理解和参与。需要特别关注移民安置、补偿，以及项目给当地社区带来的潜在直接就业收益。以PPP方式提供服务的项目通常会设置关键绩效指标(KPI)，包括公众对服务的满意度。在这种情况下，对投资者的奖励取决于项目绩效。绩效评估可以利用部门统计数据、统计机构数据以及调查数据。

　　IV. APEC经济体的早期收获行动

　　为支持基础设施发展和投资多年期计划的实施，APEC各经济体的财长们呼吁政府、私营部门和国际机构采取行动，促进亚太区域基础设施PPP的发展：

　　l 鼓励亚太地区设立更多的PPP中心。在这方面，我们感谢中国做出的努力，并欢迎近期在中国财政部设立PPP中心作为示范中心，促进PPP项目开发，增强政府的机构能力。

　　l 通过APEC区域PPP专家咨询组、APEC研究中心、澳大利亚政府发展合作伙伴基金、加拿大PPP支持机制，以及各成员经济体和亚行、世行等国际组织发起的能力建设活动，来加强现有的和试点的PPP中心的能力建设、经验交流和网络化合作。在这方面，我们感谢中国政府利用设在亚行的中国减贫和区域合作基金中的500万美元，支持APEC发展中国家在基础设施PPP、区域合作和互联互通领域的能力建设和项目开发。

　　l 通过亚太金融论坛等倡议加快资本市场发展，吸引长期机构投资者参与基础设施投资。

　　l 通过亚太基础设施伙伴关系对话，ABAC促进基础设施投资的利因清单等来帮助政府设计可融资的项目并进行必要的改革。

　　l 动员世行、OECD等国际组织的资金和知识资源，为亚太地区开发PPP项目及必要的改革提供支持，包括技术援助和交易咨询服务。鼓励多边开发银行进一步探索创新且具备财务可行性的商业模式，支持PPP项目的发展。多边银行可以进一步推动本币债券的发行和/或地方债务融资的发展，帮助吸引长期投资者投资于基础设施PPP项目。此外，通过提供长期贷款、增信产品和动员私营部门资源，多边银行能协助满足基础设施PPP项目的具体要求。

　　(英文为正本，中文译文为参考稿)

　　附件B

　　2014年APEC财长会机制下各倡议活动的报告

　　(中文译文)

　　亚太财经与发展学院

　　亚太财经与发展项目 (AFDP)于2001年在APEC财长会上倡议成立。在AFDP试运行三年的基础上，亚太财经与发展中心(AFDC)于2004年成立，继续为本地区机构能力建设做出贡献。

　　为满足APEC地区在财经与发展领域知识共享与能力建设领域日益迫切的需求，并促进APEC成员经济体之间的相互了解，中国政府决定在AFDC的基础上建立亚太财经与发展学院(AFDI)，为APEC各经济体的青年财经官员提供专业硕士学位课程，同时继续组织之前由AFDC主办的各种短期培训项目、高层论坛和专题研究。AFDI将致力于动员更多国际资源，进一步深化和加强APEC成员经济体在知识、技术、经验和人力资本领域的系统性、长期性合作。

　　亚太普惠金融论坛

　　2014年亚太普惠金融论坛由AFDC、APEC工商咨询理事会(ABAC)、亚行学院及其他机构于2014年3月19-20日在上海共同举办。此次论坛讨论了APEC六个经济体内普惠金融发展的现状及地区重大发展情况。论坛结束后发布了报告。

　　该报告建议积极推动公私合作，从而：(a)建立相称和均衡的金融监管框架；(b)设计有助于一系列金融服务发展的普惠金融战略和保持创新动力的审慎体系；(c)加强政策制定过程中利益相关方之间的合作；(d)促进市场基础设施的发展。

　　21st APEC Finance Ministers’ Meeting

　　Joint Ministerial Statement

　　1. We， the finance ministers of the APEC economies， convened our 21st annual meeting in Beijing， the People’s Republic of China (PRC) on 22 October 2014 under the chairmanship of Mr. Lou Jiwei， Minister of Finance of PRC. The meeting was also attended by the President of the Asian Development Bank (ADB)， the Deputy Managing Director of the International Monetary Fund (IMF)， Secretary-General of the Organization for Economic Cooperation and Development (OECD)， the Managing Director and Chief Operating Officer of the World Bank Group， the Executive Director of the APEC Secretariat， and the Chair of the APEC Business Advisory Council (ABAC)。

　　Global and Regional Economy

　　2. As the global economy still faces persistent weakness in demand， growth is uneven and remains below the pace necessary to generate needed jobs， and downside risks have risen. The APEC region， as the engine of the world economy， should lead the global recovery towards strong， sustainable and balanced growth. We highlight the importance of the APEC Finance Ministers’ Process (FMP) as a platform for regional economies to share experiences， exchange views， build consensus， and deepen cooperation. We remain committed to making use of this platform more actively and strengthening policy cooperation between the APEC FMP and other multilateral cooperation mechanisms such as the G-20.

　　3. We recognize that achieving sustainable growth requires both short-term and longer-term policies. We will continue to implement our fiscal policies flexibly taking into account near-term economic conditions， so as to support economic growth and job creation， while ensuring fiscal sustainability. We reaffirm our previous commitments on monetary and exchange rate policies. We reaffirm our commitments to address weaknesses in our economies and unleash new sources of potential growth including through new structural reform actions， and fulfilling existing reform commitments。

　　Infrastructure Investment and Financing

　　4. Investment is crucial to boosting demand and lifting growth. Infrastructure investment s an important role in realizing growth potential and meeting development goals. Given the large funding gap between projected infrastructure needs and limited financial resources of governments in the APEC region， we call for further efforts， including through our own policy reforms， to attract long-term financing and leverage private resource flows to fill the gap， including through public-private partnership (PPP). We continue to facilitate developing well-designed， sustainable and resilient infrastructure in this region in collaboration with existing efforts and initiatives， including those of ASEAN。

　　5. We acknowledge the critical and leading role ed by the public sector in fostering PPP modalities， through facilitating an enabling environment， formulating infrastructure development plans， based on quality elements of infrastructure， good practices andprinciples and people-centered investment， preparing bankable projects， and the importance of attracting long-term private financing. We note the substantial work and fruitful results accomplished in infrastructure PPP financing under the APEC FMP this year to implement the APEC Multi-Year Plan on Infrastructure Development and Investment (MYPIDI) endorsed by the APEC leaders in 2013. We are pleased to see that a compilation of PPP case studies has been prepared with support from member economies and international organizations to showcase reference experiences and lessons learnt from their implementation of PPP projects. We endorse the Implementation Roadmap to Develop Successful Infrastructure PPP Projects in the APEC region developed based on the case studies as a useful reference to help the APEC member economies design and implement infrastructure PPP projects. The Implementation Roadmap and the case study compilation will be submitted to the APEC Leaders as concrete contributions of the Finance Ministers’ Meeting (FMM) to the APEC Blueprint on Connectivity and the Leaders meeting。

　　6. We reaffirm the importance of capacity building in the public sector for promoting PPP infrastructure financing， learning from different PPP practices across APEC economies. In this regard， we welcome the launch of APEC Training Program for officials in charge of infrastructure development in member economies， aiming to promote capacity building in implementing PPP projects. We also welcome the efforts of APEC members to support capacity building and project development for infrastructure PPPs in APEC developing economies， including PRC’s decision to commit USD 5 million from the PRC Poverty Reduction and Regional Cooperation Fund (PRCF) in ADB。

　　7. We believe that PPP centers can serve as a useful institutional instrument to enhance government capacity in implementing PPP projects. We acknowledge the progress made by Indonesia across 2014 in establishing its Pilot PPP Center. We encourage interested member economies to set up their own PPP centers， and call for extensive experience sharing， communication and networking among new and existing PPP centers as well as with APEC study centers. To this end， we welcome the establishment of the PPP Center within the Ministry of Finance of PRC as a center of excellence to facilitate development of PPP projects and institutional building of the government. We welcome the progress made by the APEC PPP Experts Advisory Panel including formally launching its activities and endorsing its terms of reference this year， appreciate its work in promoting capacity building in PPP project implementation and encourage it to continue its support to the existing and newly established PPP centers in the region. We encourage International Organizations (IOs) such as the ADB， the World Bank Group， and the OECD to support the development of PPP projects and necessary reforms in the APEC region， including capacity building， technical assistance， analytical reviews and transaction advisory services。

　　8. We are determined to mobilize private sector investors， including long-term institutional investors for infrastructure development， by the development of domestic capital markets and enabling environment for private investments in infrastructure through APEC initiatives like the Asia-Pacific Financial Forum (APFF) and the Asia-Pacific Infrastructure Partnership (APIP). We urge the IOs to continue supporting PPP infrastructure projects to catalyze long-term financing for infrastructure in the Asia-Pacific region. We， therefore， welcome the World Bank Group Report on Prioritizing Projects to Enhance Development Impact and the G-20/OECD effective approaches and checklist for promoting long term investment financing and， on the basis of this work， call on ADB， the World Bank Group， the OECD and other IOs to identify relevant good practices for the APEC region。

　　Fiscal and Taxation Policy Reform for Economic Restructuring

　　9. We are committed to implementing appropriate fiscal and taxation policies to promote economic restructuring and achieve strong， sustainable and balanced growth， while remaining committed to sustainable public finance. We are keen to implement further efforts to create more jobs for all of our citizens. In particular， we will continue to develop our high value-added service sectors to promote good quality jobs for our youth， support small and medium-sized enterprises (SMEs) as they are drivers of economic activity， growth and job creation， and increase investment in research and development. We will also continue to provide more education and training， and address unemployment issues particularly for youth and women. In addressing the common challenges of environmental and resource constraints， we recognize that fiscal and taxation policies can complement market-based mechanisms of green growth and a catalytic role in encouraging the adoption of environmentally-friendly and resource-saving technologies， which can help enhance long-term competitiveness of member economies and provide new growth opportunities。

　　10. We recognize the importance of strengthening our fiscal institutions， including developing medium-term fiscal frameworks in members’ economies and deepening budget reform to enhance fiscal sustainability. We note that broad experience sharing has been carried out this year and expect continued efforts in this regard。

　　11. We give value in continually promoting fair and transparent tax systems. We recognize the significant progress achieved by the participants to the fora such as G-20 towards the completion of the two-year G-20/OECD Base Erosion and Profit Shifting (BEPS) Action Plan and towards implementation of the new global Common Reporting Standard for Automatic Exchange of Tax Information， which will support fair and transparent tax systems in APEC economies。

　　12. We highlight the importance of open and transparent government procurement in facilitating healthy and competitive service sector。

　　Improving Financial Services for Regional Real Economy

　　13. We recognize that deep， liquid and efficient financial systems can help channel capital into more productive activities and help sustain future growth. We recognize that the APEC region is subject to natural disasters and in this context， we reaffirm the importance of continuing to improve our approaches to disaster risk financing (DRF) to build resilient real economies in the region. This includes ensuring sound fiscal management of disaster risks and supporting effective risk transfer instruments in insurance and capital markets. We look forward to IOs such as the ADB， the OECD， the IMF and the World Bank Group to continue working with APEC member economies in providing capacity building， introducing good practices and identifying effective approaches that will help address key APEC priorities related to DRF. Progress in this area will be reported back to the next APEC Finance Ministers Meeting。

　　14. We acknowledge that climate finance is an important issue to resolve climate change and we reaffirm our support to the Green Climate Fund。

　　15. We recognized SMEs are the backbone of the regional economy but they face barriers in accessing financing. We therefore agree to make further efforts to address the financing difficulties of SMEs by improving our legal and regulatory environments， further developing capital markets， and promoting innovative financial instruments such as supply chain financing. We are also committed to step up financial education to enhance the capacity building of SMEs so as to help them better understand the financial markets and to operate effectively in regional and global markets. We note the Asia SME Finance Monitor from ADB， ADB-OECD Study on Enhancing Financial Accessibility for SMEs， and the work of the Global Partnership for Financial Inclusion. We ask the IMF， OECD， ADB and World Bank Group to identify where advances can be made in developing markets and instruments which could further promote SMEs and infrastructure financing in the APEC region。

　　Other Business

　　16. We welcome PRC’s cooperation with Viet Nam on capacity building for finance officials through the collaboration between Asia Pacific Finance and Development Center (AFDC) and the Institute of Financial Training of Ministry of Finance， Viet Nam since 2008. We support PRC’s initiative to upgrade the AFDC to the Asia Pacific Finance and Development Institute (AFDI) to meet the emerging demand of regional knowledge sharing in financial areas and we appreciate PRC’s efforts to support economic and technical cooperation and capacity building in Asia Pacific region. We would like to strengthen our cooperation with AFDI， where appropriate， including through APEC study centers。

　　17. We note the progress on the development of the Asia Region Funds Passport since 2010 including the release of a consultation paper in a number of APEC economies that sought comments on the proposed guiding principles and basic arrangements。

　　18. We thank ABAC for its report and initiatives. We encourage our relevant authorities to collaborate with APFF in developing capital markets， SME finance and long-term investments. We welcome continued APIP dialogues and the report of the Asia-Pacific Forum on Financial Inclusion on measures to expand access to finance. We welcome ABAC’s proposals to promote long-term savings mobilization， sound valuation practices， innovative finance mechanisms， urban infrastructure and internationalization of emerging market currencies。

　　19. We thank PRC for hosting the APEC Finance Ministers’ Process this year. We will meet again for our 22nd meeting in Cebu， the Philippines， on September 10-11， 2015.

　　Beijing， the People’s Republic of China，

　　22 October 2014

　　2014 APEC Finance Ministers’ Meeting

　　Joint Ministerial Statement

　　ANNEX A

　　THE IMPLEMENTATION ROADMAP TO DEVELOP SUCCESSFUL INFRASTRUCTURE PUBLIC-PRIVATE PARTNERSHIP (PPP) PROJECTS IN THE APEC REGION

　　I. Introduction

　　1. Well-designed， sustainable and resilient infrastructure enhances economic growth， boosts productivity and promotes job creation. Regional infrastructure also facilitates smooth flow of goods， services and people across borders， improves regional connectivity and promotes sustainable development. Given the huge infrastructure needs and limited financial resources of governments in the APEC region， PPP offers a viable alternative to traditional procurement methods to support infrastructure development. The APEC Finance Ministers’ Process can an important role in promoting PPP， recognizing that successful PPP projects expand public infrastructure supply， improve service quality， provide value for money， and maximize the use of private sector capital and know-how through sharing of risks and responsibilities， while keeping in mind that PPP is a means to an end rather an end in itself。

　　II. Purpose

　　2. The roadmap aims to carry forward the Multi-Year Plan on Infrastructure Development and Investment (MYPIDI) endorsed under Indonesia’s presidency of APEC in 2013 and guide APEC’s future work in developing infrastructure PPP projects， especially to assist government officials of APEC member economies to better understand， prepare， structure and implement infrastructure PPP projects and appropriate financing arrangements. It draws on the experiences shared through a number of case studies in the selected sectors of transport， energy， telecommunication and water， contributed voluntarily by APEC member economies， as well as previous work of other fora such as G20 and international organizations (IOs) such as the Asian Development Bank (ADB)， the World Bank Group， the APEC Business Advisory Council (ABAC) and the Organization of Economic Cooperation and Development (OECD). The roadmap focuses on implementation， with which government officials of member economies， developing economies in particular， can get useful reference and a sense of direction at each step towards a successful PPP project。

　　3. As there is no one-size-fits-all approach suitable for all economies， especially considering the differences and diversity among APEC member economies， the roadmap is designed to serve as a reference for government officials of APEC member economies to process and implement PPP projects with appropriate adjustments reflecting their specific domestic conditions。

　　III. The Roadmap

　　4. Characteristics of PPP. PPP is based on the long-term contractual relationship between public and private sectors. It is therefore complex in nature， especially given uncertainties and risks in project life cycle， and long-term commitment and interaction of various stakeholders including government， private sector， consumers or users of the service， and general public. Government needs to a leading role in carrying out PPP， including in the areas of rigorous legal protection， strong institutional capacity， and good planning， preparation and supervision of PPP projects and their financing arrangements。

　　5. Enabling Environment. A clear， consistent and predictable enabling policy and legal environment for private participation is a cornerstone for successful implementation of PPPs. The legal framework needs to clearly specify， among others， private sector investment rights and obligations， transparent and standardized procurement processes， capacity for different institutions to enforce contracts， fair and contractual arbitration processes， and remedial actions for payment defaults. Well-defined sector-specific regulatory mechanisms including clear guidelines on how to set and adjust user charges/tariffs are also integral aspects of a contractual arrangement. In the absence of a PPP-specific framework， a general legal and regulatory framework which allows the private sector to participate in the provision of infrastructure and public services is a basic requirement。

　　6. Planning. An infrastructure investment plan or priority list is a useful way for a government to demonstrate top-level political commitment and to indicate the potential flow of future projects. A continuous project pipeline with a clear timetable for each will also increase private investor’s willingness to participate in infrastructure projects. A high-quality， integrated master plan generally sets out the level of investment required， the socio-economic benefits expected to be realized， the links between private and public investment， and the areas where government expects PPP to a role. Such a plan would prioritize projects at all government levels using robust cost-benefit analysis， and clearly identify how each project fits into the overall infrastructure plan， the appropriate financial and delivery mode and how resources will be allocated. The designing and implementation of PPP projects should draw upon the quality elements， good practices and principles including social and environmental considerations。

　　7. Project Selection. Not all projects are suitable for PPP and bad choices can lead to lengthy and expensive procurement processes with limited or no results. Therefore， each government should try its best to select promising project in terms of commercial feasibility in advance and in-depth upfront feasibility study are necessary to ensure a project is suitable for PPP modality and can achieve value-for-money， reflecting the concept of life-cycle cost. A structured and consistent screening process for large complex projects is a critical first step to identify viable PPP projects. It should firmly establish the business model for the project to function as a PPP. This include defining the output requirement， assessing overall financial and socio-economic costs and benefits within the government’s strategic objectives， identifying the sources of revenue and the project’s bankability， and most importantly， evaluating the benefits of private sector participation and private sector interest in the project. This process should allow the government to compare a range of options for combining public and private financial resources. In cases where unsolicited infrastructure proposals are deemed appropriate， a transparent and robust process will be required to ensure the effectiveness and integrity of projects. Good practice in dealing with unsolicited projects also involves subjecting these proposals to a competitive test。

　　8. Project Preparation. Screened PPP projects need to be well-prepared and structured before they are brought to the market. Robust due-diligence and preparation of technical， legal， financial， economic， environmental and social issues are necessary for government to assess trade-offs and select an optimal structure for the transaction that is attractive to potential private investors. Government can facilitate the creation of project preparation facilities， such as dedicated fund for feasibility studies to ensure that funds are available to help cover a portion of project preparation costs. Expense recovery mechanisms could help these facilities to become self-sustainable， as could equity stakes in the projects， where appropriate. To improve project readiness， it is useful for governments to develop a checklist and gateway reviews that could indicate whether a project is ready to proceed to the next stage and finally be brought out to the market. Management capacity in the government， particularly in contracting agencies， needs to be further developed， through for example hiring specialist advisors， to more effectively and efficiently bring projects forward to completion. For markets at an early stage of development， delivering quality examples of successful PPP projects within a reasonable time， rather than focusing on quantity of projects， is a most effective strategy for attracting investors。

　　9. Procurement. A transparent and competitive tender process provides an optimal framework for receiving the highest value for money proposal for a project. To improve efficiency of procurement， it is important to set tight but achievable deadlines and ensure that people in the highest positions from both the private and public sectors are involved and committed. Active and transparent consultations between the private sector and the government are important throughout the pre-proposal， pre-bidding and pre-structuring processes. Standardization of PPP contracts can help improve transparency， consistency and efficiency of procurement processes， as can standard clauses for issues which will need to be dealt with in all PPP contracts. However as needed， in the context of a tender for a specific project， adjustments may have to be made to certain terms and conditions， to improve risk allocation or bankability of a project， depending on feedback from the bidders， and taking into consideration government’s goal and policies。

　　10. PPP Contract. The project contract is the instrument that governs the partnership and captures how risks are allocated and mitigated throughout the project life-cycle. It should outline respective roles and responsibilities of public and private sectors， service obligations， project revenue stream， key performance indicators， contract monitoring mechanisms， dispute resolution mechanisms and termination terms. Given the long-term nature of PPP， the contract should leave appropriate flexibility to enable it to adapt to potentially changing environments. Flexibility， however， should not compromise predictability。

　　11. Risk Allocation. Risk allocation is at the core of good practice PPP. Improper allocation of risks could result to a failure of the bid process， higher price and costs， service delays or poor quality. The basic principle is that risks should be borne by the party that is best suited to manage and mitigate them and at the least cost. Defining this risk allocation clearly in agreements， to be specified in advance at early stage of development of each project， can help attract more private sector participation and ensure the soundness of public balance sheets. Generally， risks associated with design， performance， technology， construction and operation are typically allocated to the private sector， while other risks such as political， legal and regulatory risks are better managed by the public sector. Risks arising from interest and currency fluctuations， pricing structure and unforeseen events can be shared by both the public and private sectors. Risk associated with natural disasters should be integrated at the planning， design and construction levels to reduce the potential impact of natural disasters， thereby reducing the PPP financial risk。

　　12. Government can adjust its role over time as the market develops， and more sophisticated and successful projects emerge and the private sector feels more comfortable in assuming the risks. In developing economies or sectors where benchmarks to evaluate risks are not yet available or the private sector does not have sufficient understanding of the market， government can consider developing benchmark projects based on similar projects from other developing economies， and provide strong support. These benchmark transactions could serve as the starting point for subsequent projects， after which the private sector can become more comfortable in baring the risks。

　　13. Project Financing. “Greenfield” or newly built infrastructure PPP projects are inherently highly capital intensive and project finance is an effective way to increase the availability of financing if adequate risk allocation is achieved. Developing the long-term local currency financial market can facilitate greater participation of local banks， operators and other market ers in infrastructure project financing. Promoting long-term investment by institutional investors such as pension funds， insurers and sovereign wealth funds can also expand the financing channel for infrastructure， and it can be facilitated by an enabling regulatory framework for long-term infrastructure investments， including a clear exit process through the transfer of shares. Multilateral Development Banks (MDBs) can also assist PPP projects through the use of innovative financing package including loans， equity investment， loan guarantee and project bond insurance. The challenge of obtaining private investment for a “brownfield” project that has been operating for a period of time is somewhat lessened because actual experience and performance of the project is known， which reduces risk。

　　14. Government Support. There are cases where PPP projects have high economic returns， while their financial returns are low. For these cases， it could be desirable to have government financial support， which could be an upfront capital subsidy， on-going payments to supplement user charges， and/or revenue guarantees through viability gap financing (VGF). It may also be the case that government guarantees are needed to ensure the timely performance of obligations of a public sector entity that is off take to the contract not fully credit-worthy. This requires active management of fiscal commitments and contingent liabilities over a medium to long-term horizon to ensure fiscal sustainability. For certain assets located in high density areas， ancillary revenues from retail operations or land-value capture can be significant， and may lower the required government support. Moreover， the VGF requirement can also be used as a “bidding variable”， i.e. to select the concessionaire that needs the smallest subsidy. Many infrastructure projects involve politically sensitive decisions on such issues as tariffs for the financial viability of public utilities， land acquisition or awarding of contracts. In these cases， political support from higher levels of government is needed to make necessary decisions。

　　15. PPP Centers or Units. Setting up PPP centers or units， including through collaboration with the private sector， can enhance government’s institutional capacity in promoting PPP. Many APEC economies have set up PPP centers or units in their central or local governments， sectorial ministries， or a cross-sector ministry such as the Ministry of Finance. PPP centers or units can act as centers of excellence to help government draw up investment plans， set PPP policies， select， structure， implement， finance and monitor PPP projects， manage long-term contracts with the private sector， coordinate various agencies， and ensure government interests are protected. They can also develop and manage manuals for PPP projects， assess both successful and failed projects to draw lessons and improve future decision making， and act as hubs for recruiting and training PPP experts. To ensure the well-functioning of PPP centers or units， a specialized government team and sufficient clarity and authority are necessary. Scientific results in PPP field should be better tailored to the needs of real economy. Financing increase for PPP researches has to promote progress in developing this sphere。

　　16. Stakeholder Consultation. PPP projects are typically large infrastructure projects that involve many stakeholders and have significant social impact. Stakeholder engagement and consultation are therefore important to minimize concerns and negative externalities from the project. Engaging local communities in the identification， prioritization and planning of infrastructure projects in their respective localities can not only generate public support for projects but also help in evaluating the affordability or sustainability (from an environmental and social perspective) of projects. This will facilitate prioritization of PPP projects based on a better understanding of the needs of local communities and better utilizing the broader expertise and capital from the private sector。

　　17. Increasing transparency around PPPs can help to increase participation and understanding of PPPs. Particular attention should be given to issues of resettlement， compensation， and potential direct employment benefits to local communities impacted by the project. While providing services in PPP projects， key performance indicators are always set and include citizens