Latest News:  
Beijing   Sunny/Cloudy    7 / -2   City Forecast

People's Daily Online>>Foreign Affairs

G20 predicts modest growth, continued downside risks for 2012


13:10, February 27, 2012

MEXICO CITY, Feb. 26 (Xinhua) -- Finance ministers and central bank governors of the Group of 20 (G20) nations expected modest growth this year as downside risks continues to threaten the global economy.

While the world economy is slowly recovering, uncertainties remain with volatile international financial markets, soaring oil prices and high unemployment rates in many countries, they cautioned in a communique issued here Sunday after wrapping up a two-day meeting here.

"The international economic environment has continued to be characterized by an uneven performance, with weak growth in advanced economies and a stronger, albeit slowing, expansion in emerging markets," said the document.

"Structural problems, insufficient global rebalancing, a persistent development gap and high levels of public and private indebtedness and uncertainty continue weighing on medium-term global growth prospects."

The communique calls for implementing the Cannes Action Plan for growth and jobs and supervise each country's implementation process of policies concerning finance, currency and exchange rate. A similar document would be developed at Los Cabos where the G20 heads of state are scheduled to meet in June, it said.

Encouraged by the progress made in addressing the European debt crisis, participants said the international community should ensure the International Monetary Fund (IMF) has enough resources and the eurozone nations should do more to build its firewall and promote structural reforms.

The meeting also called on a speedy implementation of IMF's 2010 quota reform plan, which would not only shift more quotas to the emerging economies, but also enhance their representation inside the IMF.

Headed by Chinese central bank governor Zhou Xiaochuan, the Chinese delegation said G20 members should put maintaining financial market stability and promoting economic recovery and growth right on top of their agenda.

All G20 parities should also work hard to solve global economic problems including the eurozone debt crisis, rising oil prices and unrestricted flow of capital, according to the Chinese delegation.


Leave your comment0 comments

  1. Name


Selections for you

  1. Steel output of Baogang Group rises in 2011

  2. Nearly 700 cave-ins reported this year

  3. Korean students advocate blood donation

  4. Brazilian war against drugs

Most Popular


  1. Chinese people's feelings cannot be hurt
  2. US far from being model of social wealth distribution
  3. China will run short of 25 kinds of minerals by 2020
  4. Fish out the loan sharks
  5. American-style democracy unsuitable for Iraq
  6. Finding out truth crucial to resolving Syrian crisis
  7. Deposit reserve ratio cut does not mean policy shift
  8. Is West genuinely trying to 'save' Syria?
  9. China's Linsanity
  10. Ancient technology education program launched

What's happening in China

Path to stardom starts with an exam

  1. Toilet occupation group is flushed with success
  2. Growers held after safety scare over bean sprouts
  3. Worsening garbage crisis set to bring higher fees
  4. University's talking robot silenced by bad language
  5. Some buyers jump in for fear of missing bottom

PD Online Data

  1. Spring Festival
  2. Chinese ethnic odyssey
  3. Yangge in Shaanxi
  4. Gaoqiao in Northern China
  5. The drum dance in Ansai