Finance ministers of Asian Pacific Economic Cooperation (APEC) member economies pledged on October 22 to flexibly implement fiscal policies in a joint statement released after the 21st APEC Finance Ministers' Meeting.

The pledge comes as they seek ways to boost economic and job growth amid a slow economic period. The finance ministers recognized that the global economy still faces persistent weak demand and that risks have risen.

"We reaffirm our commitments to address weakness in our economies and unleash new sources of potential growth including through new structural reform actions, and fulfilling existing reform commitments," said the statement.

The annual meeting came ahead of the APEC Economic Leaders' Meeting to be held in Beijing on November 10 and 11, which will be attended by leaders or representatives of the APEC member economies, including the United States, China, Japan and Russia.

These economies account for over half of the world's economic output, 40 percent of the world's population, and 46 percent of total global trade.