China News Service, Sydney, February 23rd The two-day meeting of the G20 finance ministers and central bank governors concluded in Sydney on the 23rd. The conference focused on current global economic situation, long-term investment, economic growth strategy, financial sector reform and international tax cooperation, and issued a joint communique.
The meeting positively evaluated the continued steady growth of China and other countries’ economies, and improved the economy of developed countries. However, it pointed out that the global economy is far from achieving strong and sustainable development, and there are many challenges. Recently, the international financial market is in turmoil and debt remains high, and the global economy faces major risks. The G20 countries are confident and adopt a pragmatic policy to achieve a comprehensive growth strategy and prepare for the successful G20 Leaders Summit in November this year.
Zhou Xiaochuan, Governor of the People’s Bank of China, introduced China’s economic and financial situation in his speech. He pointed out that China’s economic growth slowed down in 2013, with GDP growth of 7.7%, slightly lower than the average of the past decade. The newly added employment population of 13 million is an encouraging figure. The reasons for the economic slowdown include: many new investments flooding into infrastructure construction projects may result in a decline in production capacity; the government encourages more economic development while balancing environmental protection, resulting in increased production costs; some structural adjustment measures and reforms that promote long-term economic development. In the short term, it may affect economic growth. The Chinese government attaches great importance to the risks in economic operations and will strive to balance the relationship between GDP growth, structural adjustment and stability, create endogenous driving force for economic growth, and continue to contribute to the promotion of global economic growth.
At this meeting, Chinese Finance Minister Lou Jiwei said that China currently faces challenges in terms of population aging, resource constraints, and labor costs. The Chinese government will work hard to promote stable economic growth, create employment opportunities, maintain stability in inflation, and ensure long-term stable economic and social development. In accordance with the spirit of the decision of the Third Plenary Session of the 18th CPC Central Committee, the Chinese government will comprehensively deepen reforms, promote the construction of social security systems, reform investment models, and strengthen and improve financial support and methods for education and science and technology to enhance the momentum of long-term economic development.
During the meeting, Minister Lou Jiwei and President Zhou Xiaochuan also participated in other multilateral and bilateral meetings, and exchanged views with representatives of relevant countries on global and regional economic situations and bilateral cooperation. Minister Lou Jiwei accepted a collective interview with Chinese reporters in Australia and answered questions from reporters on issues such as world economic growth, the development of emerging economies, China’s contribution to the world economy, and the RMB exchange rate.
Responsible Editor: Zhang Yang