|
Yi Gang (C), vice governor of the People's Bank of China, attends a press conference of the Chinese delegation in Hangzhou, capital of east China's Zhejiang Province, Sept. 1, 2016. Yi introduced China's position and propositions on G20 strong, sustainable and balanced growth, and reform of the monetary and financial system. (Xinhua/Li He)
HANGZHOU, Sept. 1 (Xinhua) -- China has worked closely with other G20 members in the fields of macroeconomic policy coordination, innovative growth and more effective global economic and financial governance, a Chinese central bank official said Thursday.
The People's Bank of China (PBOC) mainly participated in issues of strong, sustainable and balanced growth framework, international financial architecture, financial sector reforms, financial inclusion and green finance, PBOC Vice Governor Yi Gang said at a press conference.
G20 members agreed on an approach of "using all policy tools -- monetary, fiscal and structural -- individually and collectively" to support growth, according to Yi.
"This marks a milestone in the G20's recent history of macroeconomic policy coordination," Yi said.
China also led the efforts to build a more stable and more resilient international financial architecture, with the release of a report in this regard by the International Financial Architecture Working Group, which was resumed under China's G20 presidency, the vice governor said.
The report made several recommendations to improve the international financial architecture, including examining the broader use of Special Drawing Rights, strengthening the Global Financial Safety Net, improving debt restructuring processes and advancing the IMF quota and governance reform, Yi said.
"Global financial markets have seen bouts of turbulence since last year, but global financial system has remained sound and resilient," he said, adding that it reflected the effects of financial sector reforms since the global financial crisis.
This year, G20 members reached a consensus that financial reforms will focus on building an open and resilient financial system, summarizing elements of effective macro-prudential policies, developing robust financial market infrastructures and promoting financial inclusion.
The G20 also discussed green finance for the first time this year and established a G20 Green Finance Study Group, which released a report to identify challenges faced by green finance and provide voluntary options for countries to consider, Yi added.
On Wednesday, the PBOC and some other Chinese ministries unveiled a guideline for establishing a green financing mechanism to facilitate the economy's transition to sustainable growth.
Under the theme of "Toward an Innovative, Invigorated, Interconnected and Inclusive World Economy," this year's G20 summit is scheduled on Sept. 4-5 in the eastern Chinese city of Hangzhou.
Related:
Commentary: Revamping global economic governance in due course
by Xinhua writer Liu Jie
HANGZHOU, Sept. 1 (Xinhua) -- When the Group of 20 (G20) leaders gather in China seeking a remedy for sluggish global economic growth, something equally consequential will also be on the table: revamping global economic governance.
While the global economy remains mired in prolonged weakness, advanced economies, intoxicated by "helicopter money" and saddled with secular slow growth and structural problems, are less able than they used to be to act as the world's economic engine. Full story
Commentary: More inclusive development for better globalized world
BEIJING, Sept. 1 (Xinhua) -- Globalization now seems to have its best days in the rearview mirror, with voices of frustration having kept gaining volume against the backdrop of a worldwide slow-growth rut.
Although the overarching trend that has turned the planet into a village is itself not to blame, it is time to seriously reflect on and deal with the main charges leveled against it, among which is that it has left many behind and even worse-off. Full story
