China’s FM promises to promote global growth during G20 summit

G20 Summit

Global growth, slowdown top of docket for G20 summit 2

China’s Finance Minister, Lou Jiwei, said the world’s financial leaders have committed to promoting global economic growth.

CCTV’s Ming Tian has more.

The global economic situation remains complex and stern. Lou and his counterparts from the world’s top economies have already met three times this year to seek ways to stimulate growth.

Just days ahead of the Group of 20 leaders’ summit, Lou said the finance track has completed its policy recommendations.

“We believe that growth should come with innovation. We need to raise productivity through structural reforms and make expansion last long. The G20 has achieved landmark results in this matter,” Lou said. “We have identified nine priority areas of structural reforms, developed a set of guiding principles, and set up an indicator system index to assess the reform progress. This agreement is unprecedented, as it addresses both the symptoms and the root causes of the growth.”

Since the financial crisis in 2008, the world’s economies have used a variety of policy levers to revive growth, but the effects have been far from satisfactory. The growth outlook has been dampened by several mishaps, including stock market swings, the U.K.’s leaving the European Union, and terrorist attacks.

Lou said the G20 meetings have united the member countries to act together.

There are high expectations for the upcoming summit in Hangzhou since China takes up the G20 residency this year. Lou said that as the world’s 2nd largest economy, China has pushed forward this year’s agenda and the transformation of the G20.

Global growth, slowdown top of docket for G20 summit

At the G20 summit in Hangzhou next month, hosted by Chinese President Xi Jinping, world leaders will discuss new partnerships and propose solutions to some of the most pressing economic issues.

CCTV’s Liling Tan reports.
Follow Liling Tan on Twitter @LilingTan

The key issue expected to dominate September’s G20 Summit in Hangzhou, China will be global growth more specifically, the slowdown in global growth.

The Group of 20, comprised of the strongest global economies, accounts for about 85 percent of the world’s economy and 80 percent of the trade. It meets every year to discuss and promote global financial stability.

This year, economists hope the summit can fix key economic issues, especially in this time of uncertainty stemming from China’s slow-down to Britain’s exit from the European Union, from a likely U.S. interest rate hike to fears of a currency war.

Sung Won Sohn talks about expectations and impact of G20

For more on the expectations and the possible impact that the G20 summit could have CCTV America’s Rachelle Akuffo spoke to Sung Won Sohn, economics professor at California State University, Channel Islands.