Key areas for G20 economic reforms promoted
2016-09-05
China is promoting priority areas and
guiding principles designed for structural reform of G20 members, according to
Finance Minister Lou Jiwei.
This is vital for achieving the goal of
raising the G20's GDP by at least 2 percent by 2018, the minister said.
Lou said G20 finance ministers and central
bank governors are also pushing forward organizational reform of the
International Monetary Fund and the World Bank. They have reached a consensus
on global cooperation.
"Global economic growth continues to
be slow, and policymakers have realized that short-term stimulus does not work
well and that structural reform can play an important role," Lou said.
Speaking in Beijing on Friday, he said
deepening structural reform can improve productivity and potential growth,
driving medium- and long-term growth of the global economy.
"We have confirmed nine priority areas
and 48 guiding principles for G20 structural reforms through this year's
finance meetings, which will be important for achieving the G20 GDP goal set in
Brisbane."
G20 leaders set the goal of lifting GDP by
at least 2 percent by 2018 in the Australian city two years ago.
China took over the G20 presidency on Dec
1.
Lou said G20 finance ministers and central
bank governors are also perfecting global economic governance to enhance
economic vitality such as by pushing forward organizational reform of the IMF
and the World Bank.
"Although there are some voices going
against the tide of globalization, G20 finance ministers and central bank
governors have reached a consensus on global cooperation," Lou said.
He said they have promised they will use
all policy tools — monetary, fiscal and structural — individually and
collectively to respond to risks, boost confidence and strengthen economic
growth.
They also reaffirmed that they will refrain
from competitive devaluations, resist all forms of protectionism, consult
closely on exchange markets, and prepare well for potential risks caused by
Brexit, the refugee problem and terrorism, Lou said.
Zhou Xiaochuan, governor of the People's
Bank of China, said last month that the G20 should remain committed to building
an open, strong and resilient financial system.
Lou said China's economy is still the
"driver" and "anchor" of the global economy.
"In 2015, China contributed roughly 30
percent to global economic growth, and the contribution rate is expected to
remain at a relatively high level this year," he said.
“Since there has been a trend developing
toward globalization, the multinational companies have been acting a major role
in the world economic activities.” Steven, the leader of KingKar said, “Globalized
economic development has quickened the internationalizing course of
enterprises. We have to face the changes taking place day by day in terms of
economic globalization and take an active part in the process of economic
globalization. Under the economic globalization, competition among enterprises
has got across the national boundaries. We have to promote our HHO Carbon Clean
Machine continuously now and future.”
The G20 Leaders Summit will be held in
Hangzhou, Zhejiang province, on Sept 4 and 5.