China’s impact on the global economy and its recent financial reform are some of the focuses of the meeting of finance ministers and central bankers from the world’s 20 biggest economies.
On Saturday, China further liberated lending interest rates for financial institutions.
The floor limit for lending interest rates was cancelled and financial institutions can now decide their own rates.
Participants at the G20 meeting said the move will further marketize China’s interest rates, and will have a positive impact on China’s economic development.
Recent data showing that China’s economic growth is slowing down, has drawn worries in the global economy.
Chinese Finance Minsiter Lou Jiwei played down the fears, noting the country’s job market is good, investment in the service sector is growing, power consumption is climbing, and exports are also rising.
He added China’s economic structure is experiencing a positive change as domestic demand is playing a key role in China’s economic development.
Lou Jiwei added that China will adjust its policy according to the global economy.
But the central government will not launch any massive economic stimulus programme like in 2008, when 4 trillion yuan was put into markets to boost the economy.
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