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.
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