The Third G20 Finance Ministers and Central Bank Governors Meeting in 2016 Held in Chengdu

Date：2016-08-08Click：1448

• The third G20 Finance Ministers and Central Bank Governors Meeting under the Chinese Presidency was held in Chengdu on July 23-24, 2016. The meeting was co-chaired by Mr. Lou Jiwei, Finance Minister of China and Mr. Zhou Xiaochuan, Governor of the People’s Bank of China. The meeting was also the last G20 Finance Ministers and Central Bank Governors Meeting before Hangzhou Summit. Ministers and Governors discussed issues concerning global economy, framework for strong, sustainable and balanced growth, international financial architecture, investment and infrastructure, financial sector reform, international tax, green finance, climate finance, and anti-terrorist financing, and endorsed the key outcomes under each subject. A communiqué was released after the meeting.

  At the meeting, Ministers and Governors agreed that the global economic recovery continues but remains weaker than desirable, and downside risks persist. The outcome of the referendum on the UK’s membership of the EU adds to the uncertainty in the global economy. Members of the G20 are well positioned to proactively address the potential economic and financial consequences stemming from the UK referendum, and hope to see the UK as a close partner of the EU in the future. Ministers and Governors pointed out that members of the G20 are taking actions to foster confidence and support growth, and reiterated their determination to use all policy tools – monetary, fiscal and structural – individually and collectively to achieve their goal of strong, sustainable, balanced and inclusive growth. Ministers and Governors affirmed commitment that monetary policy will continue to support economic activity and ensure price stability. Underscoring the essential role of structural reforms, Ministers and Governors emphasized their fiscal strategies are equally important to support their common growth objectives. Ministers and Governors committed to continuing to explore policy options, tailored to country circumstances, that G20 countries may undertake as necessary. Ministers and Governors reaffirmed that they will consult closely on exchange markets, refrain from competitive devaluations, not target exchange rates for competitive purposes, and resist all forms of protectionism.