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Hard landing of Chinese economy no topic at G20 ministerial meeting: finance minister

By Liu Hongxia (Xinhua)

09:34, July 21, 2013

MOSCOW, July 20 (Xinhua) -- The risk of hard landing of China's economy is not envisaged at a Group of Twenty (G20) ministerial meeting as the country has seen increasing vitality, Chinese Finance Minister Lou Jiwei said here Saturday.

"That issue is not on the agenda of the meeting as no participant even believes the existence of the risk," Lou told Xinhua on the sidelines of G20 finance ministers and central bank governors' meeting here.

He noted that such concerns raised by some domestic economists showed their "lack of confidence" amid economic restructuring.

"Although the GDP (Gross Domestic Product) growth rate is not as high as that of last year, we see more jobs created and more investment directed into the service industry," Lou said. "That shows the increasing vitality of the economy."

Since China established its new leadership in March, more than 160 administrative examination and approval measures have been canceled, and the government was mulling more, the minister said.

A series of reforms, including the liberalization of interest rate, went in line with the new government's ruling philosophy. "Gradual consummation, instead of earthshaking changes, is needed in China's reform," the minister added.

He also mentioned hopes voiced by some of his counterparts at the two-day meeting that "China's economy could grow faster in a bid to stimulate the global recovery."

"I suggest they fulfill their own due work rather than counting mainly on others," Lou said.

Speaking of the exit of U.S. quantitative easing policy, he said participants had expressed their concerns.

"The global market will sustain negative impact should the Fed fail to interact properly with other components of the market," Lou said, adding that an explanation was expected from Washington.

The exit of the policy, Lou said, could hardly be completed within a short time. "The United States should take other countries' concerns into account," he said.

As global private and public sectors devote to deleveraging, Lou believes that the key was to boost the demand.

"It is highly recommended to make the best of multinational financial institutions, especially to enhance cooperation between them and long-term investors," the minister said.

However, those institutions like the International Monetary Fund and the World Bank have been reducing their business under the domination of some developed countries that neither wanted to make more contribution, nor gave up their shares.

It was understandable that some countries were sensitive on the issue as they were tightening their budgets, still, "we see the draw-back as short-sighted," Lou said.

The minister said multinational institutions, under the current circumstances of low interest rate, should have seized the chance to raise leverage and expand long-term investment to support the global recovery.

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