The G20 Finance Ministers and Central Bank Governors Meeting is held in Washington

The G20Finance Ministers and Central Bank Governors Meeting was held in Washington from April 20 to 21. The issues discussed on the meeting included the current global economic situation and growth framework, the global financial architecture and international financial governance, the initiative of investment in Africa, and financial department development and supervision. Chinese delegation led by Xiao Jie, minister of Ministry of Finance of the People’s Republic of China, and Zhou Xiaochuan, president of the People’s Bank of China, attended the meeting.

Xiao said, since 2017, the positive factors in China’s economic development continue to increase. China’s GDP increased 6.9% in the first quarter of 2017 compared with the corresponding period of 2016. Supply-side structural reform is further advanced, and the policy of “cutting overcapacity, destocking, deleveraging, reducing corporate costs and shoring up weak spots” makes rapid progress. The new growth drivers of economic development continue to strengthen, and new forms of business and new models grow rapidly. China has confidence to achieve the expected goal of economic growth around 6.5% in 2017, which will make greater contributions to global economic growth.

Xiao pointed out, the recent global economic recovery remains constructive and market sentiment tends to be optimistic, but we are still confronted with plenty of risks and uncertainty, especially the unclear economic policies in some developed countries. The G20 countries should strengthen macroeconomic policy coordination, continue to implement the important achievements of G20 Hangzhou Summit, and continue to deepen structural reform to actively promote the open world economic development and further consolidate the momentum of economic recovery.

Xiao said, as an important achievement of 2017 G20 financial agenda, G20 proposes to promote investment in Africa and has made positive progress, which gains China’s appreciation. This proposal emphasizes African countries dominant principle, fully respects the will and national conditions of African countries, and encourages the G20 member countries to positively participate and widely consult international organization to lay a solid foundation in subsequent implementation. The G20 countries should strengthen integrative cooperation with African countries and strive to achieve win-win results to make contributions to sustainable and inclusive growth of Africa and even the global economy.