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Sustainable Growth Tops Agenda of G20 Meeting

(CRI Online)    10:05, February 26, 2016
Sustainable Growth Tops Agenda of G20 Meeting
Guests sign in ahead of the G20 Finance Ministers and Central Bank Governors Meeting in Shanghai on February 25, 2016. [Photo: CFP]

Policies for boosting growth will be high on the agenda at the next G20 meeting of central bankers and finance ministers, which is to be held in Shanghai on Friday and Saturday. China holds the group's rotating presidency this year.

The meetings are expected to focus on stabilizing global financial markets and promoting economic growth.

Zhu Jiejin is Associate Professor at the School of International Relations and Public Affairs, Fudan University in Shanghai. He says economic growth will top the agenda.

"Several days ago the world bank reduced its global economic growth prospect from 3.3 percent to 2.9 percent. It's below 3 percent. It's a bad prospect for the G20 finance ministers and world bank governors .The ministers and governors will review the ongoing economic development its growth prospects and recent volatility in Financial market. I think they will take decisive actions to keep the global economy in check."

The remark is echoed by Chinese Vice Finance Minister Zhu Guangyao, who said on Thursday that coordinated effort is need among the group to send positive signal to the world market.

On Wednesday, the International Monetary Fund has also warned of higher risks for a derailed global recovery and called for urgent policy actions to strengthen growth and manage vulnerabilities ahead of the upcoming Group of Twenty,

Financial leaders are also facing a range of issues including wavering decisions on interest rates, slumping oil prices, and volatile currency exchange rates.

Wei Liang is a senior researcher with the China institutes of contemporary international relations.

" The phenomenon of exchange rate fluctuation is in general brought about by the currency policies of developed countries and their spillover effects. The phenomenon will be easily dealt with once the major issues in the meeting are properly handled."

At a meeting held by the Institute of International Finance, the vice president of China's central bank said his country will continue to keep flexible exchange-rates based on supply and demand in the market.

Yi Gang says China will maintain the basic stability of its exchange rate, though fluctuation against the US dollar will increase a little.

Earlier, US Treasury Secretary Jacob Lew pointed out that China should make it clear that the Renminbi will not go through a large-scale depreciation, and more importantly, the country should resolutely stick to its reforms.

Jim Yong Kim, President of the World Bank, has also made similar suggestions to the Chinese government, while he is in China to attend the Group of 20 meeting of central bankers and finance ministers.

"The message, of course, is stick with its structural reform agenda. And the second advice I would give is communicate, communicate, communicate. Now the thing is we've already seen change. And I think Premier Li Keqiang has stated very clearly that communication about decisions that are being made in terms of fiscal and monetary policy will be more important for China going forward. I think that's very, very welcome."

The World Bank chief made the remark after meeting with Chinese Premier Li Keqiang earlier in Beijing.

Premier Li Keqiang has assured the head of the World Bank that China is seeing a new dynamic for economic growth and creating new jobs.

Li Keqiang said China had gained rich experience from its past development and has sufficient policies and tools to deal with the difficulties it faces and any new challenges and risks.

Despite China's slowdown in economic growth, Kim said the country's nominal GDP for 2015 was still worth more than 13 trillion U.S. dollars and China's structural reform is actually working, and sets a good example for sustainable world prosperity.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor:Yao Xinyu,Bianji)

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