G20 members need to step up policy coordination to tackle downside risk in the global economy and boost global market confidence, said Chinese Vice Finance Minister Zhu Guangyao on Thursday.
Zhu made the remarks ahead of the G20 Finance Ministers and Central Bank Governors Meeting slated for Feb. 26-27 in Shanghai. The annual meeting focuses on analyzing the global economic situation and exploring solutions.
The International Monetary Fund (IMF) has lowered its global economic growth projection for 2016 to 3.4 percent, down 0.2 percentage points from its earlier forecast. The World Bank has also cut its forecast. The challenge facing the world economy is the downside risk, said Zhu.
Finance ministers and central bankers will discuss how to coordinate policy among the members to put the global economy back on track and balance the short-, mid- and long-term growth, he said.
Zhu said countries should rely on not only monetary policy but also fiscal policy. Meanwhile, authorities should communicate better with the markets, he said.
As the rotating chair of G20, China will coordinate with all its members to reach consensus in order to address challenges, and strive to improve global economic and finance governance on the platform of G20, he added.
Latest comments