February 2016, 26, and 27th, the Group of 20 (G20) Finance Ministers and Central Bank Governors meeting to be held in Shanghai. It was after China 2016 G20 presidency hosted the first G20 Finance Ministers and Central Bank Governors meeting. Premier Li keqiang, who issued a video message to the Conference, Finance Minister Lou Jiwei, and Governor of the people's Bank of China Governor Zhou xiaochuan co-chaired the meeting. Meeting mainly discussed the current global economic situation, the framework for growth, investment and infrastructure, international financial architecture, financial sector reform, international tax cooperation, combating terrorist financing, green finance and climate issues such as funding, and issued a joint communique.
Considered, the global economy continues to recover, but not balanced and downside risks and increased vulnerability. In recognition of these challenges at the same time, meeting that recent market volatility and modest recovery in fundamentals of the global economy does not conform to. Conference emphasizes both individually and collectively to take all of the policy tools, including monetary, fiscal and structural reform, to deal with the risks, and enhance market confidence and promote economic growth. Meeting flexible fiscal policy, and ensure that the debt ratio to remain at a sustainable level. Monetary policy will continue to focus on promoting economic growth and maintaining price stability. Meeting reaffirmed the will to avoid competitive devaluations, oppose all forms of protectionism, and to communicate agreed to close discussions on foreign exchange markets. G20 meeting agreed to continue to study possible policy measures where necessary to support the growth and stability. Meeting agreed to further strengthen the structural reform agenda, including reform in key areas and guiding principles and the establishment of a system of indicators to better assess and monitor progress in the structural reform of the members. Meeting agreed to study the policies and measures to cope with weak global trade and investment.
Conference reaffirms its continued investment in infrastructure, encourage the multilateral development banks to support high quality, quantifiable targets for the project, strengthening old and new multilateral development Bank, Alliance and launch global infrastructure interoperability. Conference welcome in 2010, the International Monetary Fund (IMF) quota and governance reforms take effect, completed by 2017 annual meeting support IMF shares the Inspector General for the 15th time and support of the World Bank in accordance with the road map and timetable for implementation of the agreed consideration shares to realize equal voting rights. Conference are committed to better monitoring of capital flows, identify risks in a timely manner, responding to large-scale capital flow volatility challenges, and stresses the importance of adequate and effective global financial safety nets. Support research may extend special drawing rights (SDR) for further work. Conference reiterated that it will continue to timely, comprehensive and consistently implemented have reached a consensus on financial reform, as planned and the rest of standard-setting, continues to closely monitor and respond to potential risks and vulnerabilities in the financial system, and summarize the lessons of macroprudential frameworks and tools, to continue to strengthen regulation of the financial market infrastructure, and continue to build inclusive financial agenda. Conference approved the transfer on the global implementation of the erosion of the tax base and profits (BEPS) project of inclusive framework. China will set up an International Centre for research on tax policy, to carry out research on international tax policy and design, and technical assistance to developing countries. The Conference commitment to combat terrorist financing and to strengthen cooperation and exchange of information. Meeting agreed to study the recognition of green finance mechanisms and market barriers and based on country experience on how to strengthen the financial system's ability to mobilize private capital for green investment scheme, called for the timely implementation of the Paris agreement on climate change, and reaffirmed their commitment to implement the 2030 sustainable development agenda.
Lou Jiwei said this meeting around the G20 Summit, Hangzhou "building innovative, dynamic, interactive and inclusive world economy" theme, in the financial area the necessary preparations for the G20 Summit in Hangzhou. China is ready to work together with the G20, walk hand in hand to promote the G20 financial channel locks the results as soon as possible, to lay a solid foundation for the success of the Summit in Hangzhou, for strong, sustainable and balanced growth of the world economy to make the contribution.
Mr Lou said, deepening structural reforms are long-term challenges the fundamental means to respond effectively to the global economy, the core is the correction of distortions, improve the allocation of resources. The Chinese Government is vigorously advancing structural reforms. First, decentralization and deregulation. At present, the Central Government has streamlined hundreds of administrative approval items, all cities are equipped with Hall of administration and services, speed up the approval process, greatly encourage entrepreneurship and innovation. Second, price reforms, such as industrial and commercial complex natural gas axle price combination. Third, encourage innovation, including through tax policies or establish the capital investment fund to support business innovation. Four is the optimization of fiscal expenditure structure, cutting inefficient spending, including reducing environmentally related expenditure, solve the problem of fragmentation of expenditure. While increasing the "capacity to inventory" of support. Five new towns is to promote people-centred. Includes portability of compulsory education resources, urban and rural residents of basic pension, health insurance, support for rural migrant workers in cities and settlements. These policies have achieved better results in the short term, and contribute to economic growth. Of course, we are also actively promoting the more difficult task of reform. At present, reform the overall effect is good, the economic structure has been optimized. In 2015, the consumption share of GDP reached 66% in the Chinese economy, services more than 55% investment accounts for significantly reduced, but the social investment, particularly rapid growth of investment in technical equipment. These reform measures to improve resource allocation, employment relatively full, residents ' income increased, support the growth of 6.9% for the year. This year, we will maintain the high-speed growth, which also requires a suitable aggregate demand management and promoting reform to achieve.
Lou Jiwei, the Minister pointed out that infrastructure investments are an important engine of economic recovery, and will increase potential growth, promote long-term economic growth, G20 countries should make further efforts to increase infrastructure investment. Lou Jiwei, the Minister stressed the importance of dealing with BEPS, called on the G20 to establish a fair and inclusive framework for efficient, effective implementation of BEPS related results. Zhou xiaochuan, introduced China's economy has entered a "new normal" from high growth to rapid economic growth, economic fundamentals remained sound, structure and constantly improve the quality of growth, new engine of growth are emerging, future growth is still considerable, and will continue to be outstanding contribution to global growth. In the current global context of an anemic economic recovery, risk, the G20 is an urgent need to improve and strengthen policy coordination, including promoting global economic growth and recovery, where necessary, on relevant economic and financial affairs to discuss communication, and use of individual policy tools to safeguard financial market stability. The G20 should continue to strengthen the structural reform agenda and to maintain a dynamic, medium to strong, sustainable and balanced growth of the global economy and lay a solid foundation.
Zhou xiaochuan, said the stability of the international monetary system is indispensable for economic growth and financial stability. China, as Chairman of the G20 push to restart the Working Group on international financial architecture. The G20 can by focusing on IMF governance reform, the international system of sovereign debt restructuring and debt sustainability, cross-border capital flows, global financial safety nets, IMF special drawing rights and other issues, to shape a more stable and orderly international financial and monetary environment.
Zhou xiaochuan, suggested the G20 should continue to promote the reform of the global financial sector. How G20 could focus on comprehensive, consistent and timely implementation of reforms since the crisis, including the financial stability Board (FSB) all report to the G20 and the reforms approved, planned new regulatory frameworks and the rest of the standard-setting work. G20 also discussed macro-prudential frameworks and tools in the implementation of lessons learned, attention to market-oriented financing of potential risks and means of prevention and control in the field, and to contribute to the strengthening of supervision of the financial market infrastructure. For financial development to benefit all populations, the G20 can also strengthen inclusive financial topics for discussion, focusing on inclusive financial numbers and indicators and data.
Zhou xiaochuan, pointed out that, in order to promote more sustainable and environmentally-friendly growth, China is promoting the establishment of the G20 after he was Chairman of green financial research group, to encourage parties based on national characteristics, more research on the mobilization of additional resources for Green through green financial investment.
By 2016 the G20 financial channels work plans, this year the second Finance Ministers and Central Bank Governors will be held between April 14 and 15th in the United States in Washington. Theme stock outbreak gem rose more than 4 the
No comments:
Post a Comment