G20 Supports China'S Stable Economy

At the G20 finance ministers' meeting on Saturday, China's economic policy and exchange rate reform were widely supported by various countries.

The recognition of China's financial ministers and central bankers is that China is undergoing a difficult economic pformation.

The group of 20 has a broad and strong representation. The group's GDP accounts for 90% of the global economy and trade accounts for 80% of the world's total.

The conference commended that countries agreed to avoid "competitive currency devaluation" and "continued exchange rate misalignment", which was first adopted by G20 since 2013.

According to the financial times, China successfully persuaded the G20 leaders that the depreciation of the RMB and the new exchange reform are necessary steps towards the exchange rate system decided by the market system.

China has also eliminated concerns about new exchange reform, and China will not stimulate exports through competitive depreciation.

European finance, including Germany, firmly supports China's policy.

German finance minister Schauble said G20 agreed that there is no reason to fear China's growth slowdown.

British finance minister Osborn pointed out that China is experiencing a difficult pition from an investment economy to a consumer economy, and China's policies are more open than before.

EU Economic Affairs Commissioner Pierre Moss Moss expressed appreciation for the firm determination of the Chinese government to maintain growth.

Unlike Europe's praise, the US is slightly more moderate. Ya Kelu, the US Treasury Secretary, hinted that China should also allow market forces to push the yuan down.

According to the website of the Central Bank of China, the G20 conference promised to take decisive action to push the global economy on the right track and to have confidence in the global economic recovery.

The meeting asked countries to carefully adjust policy actions and communicate clearly in order to minimize negative spillovers, reduce uncertainty and improve pparency.

The meeting noted that

With some improvement, some developed economies may tighten monetary policy.

The conference reiterated the need to prevent currency competitive devaluation and boycott all forms.

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At the same time, all countries should flexibly adjust their fiscal policies according to the recent economic situation, support economic growth, create jobs, and maintain the proportion of debt to GDP at a sustainable level.

The conference promised to continue to implement the G20 comprehensive growth strategy in a timely and efficient manner to expand demand, raise potential growth rate and enhance inclusiveness.

The meeting held that promoting investment is a top priority for all countries.

The meeting was deeply disappointed by the repeated delays in the implementation of the IMF share and governance reform plan in 2010. It strongly urged the United States to approve the scheme as soon as possible, and looked forward to IMF's progress in November 2015's review of the SDR basket.

The meeting reiterated that the remaining global financial system reform plan will be completed this year.

We expect to develop an international standard for total loss absorption capacity against global systemically important banks, and propose higher loss absorption capability requirements for the global system of importance insurance.