LINE

Text:AAAPrint
Economy

G20 to play vital role in stabilizing monetary policies

1
2016-09-01 14:20chinadaily.com.cn Editor: Feng Shuang ECNS App Download

The Group of 20 (G20) will play a vital role in stabilizing monetary policies, Zhu Guangyao, China's vice-finance minister, said Wednesday.

Over the past few years, G20 has achieved success in strengthening global economic governance and improving financial supervision, Zhu said in an interview with China's state television CCTV.

In the face of growing global economic uncertainties, the world has high expectation for the G20 Hangzhou summit, and hope it would realize the target of building an innovative, invigorated, interconnected and inclusive world economy, Zhu said.

However, the biggest difficulty and challenge facing the G20 Hangzhou summit are uncertainties, Zhu added.

The uncertainties are reflected in differentiation of monetary policies in developed countries. In addition, some major emerging economies, such as Russia and Brazil, also faced difficulties. All these factors, plus geopolitics risks, constitute global economic uncertainties.

Zhu said the G20 Hangzhou summit will put forward for the first time that G20 members should strengthen policy communication on foreign exchange market. Thus, G20 plays a vital role in stabilizing global financial and forex markets.

When talking about China's currency renminbi, Zhu said the exchange rate of the yuan is decided by China's economic fundamentals firstly and reiterated there is no basis for continued yuan devaluation.

In terms of GDP growth, Zhu said that due to good economic fundamentals and measures for deepening reform, especially the supply-side reform, the country could keep average annual economic growth at or above 6.5 percent in the next five years.

The 2016 G20 Summit will be held on Sept 4-5 in the eastern city of Hangzhou under the theme of "towards an innovative, invigorated, interconnected and inclusive world economy."

  

Related news

MorePhoto

Most popular in 24h

MoreTop news

MoreVideo

News
Politics
Business
Society
Culture
Military
Sci-tech
Entertainment
Sports
Odd
Features
Biz
Economy
Travel
Travel News
Travel Types
Events
Food
Hotel
Bar & Club
Architecture
Gallery
Photo
CNS Photo
Video
Video
Learning Chinese
Learn About China
Social Chinese
Business Chinese
Buzz Words
Bilingual
Resources
ECNS Wire
Special Coverage
Infographics
Voices
LINE
Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2018 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.