Liu Kun attends G20 Finance Ministers and Central Bank Governors Meeting

The G20 Finance Ministers and Central Bank Governors Meeting under the Indonesian Presidency was held both on-site and virtually from July 15 to 16 in Bali, Indonesia. The meeting discussed such issues as global economy, global health agenda, international financial architecture, sustainable finance, infrastructure, international taxation and financial sector issues. A Chair’s Summary was issued after the meeting. Liu Kun, China’s Minister of Finance, attended and spoke at the meeting via video link.

Liu said that all G20 members should continue upholding the role of G20 as the premier forum for international economic cooperation, coordinating COVID-19 prevention and control with socioeconomic development, safeguarding the security and stability of global industrial chains and supply chains, and preventing serious negative spillover effects from policy adjustments in some countries. He called for efforts to build global development partnerships and comprehensively promote cooperation on global development issues, such as poverty reduction, maintaining food and energy security, and safeguarding human health. To proactively implement the Global Development Initiative proposed by President Xi Jinping, China would like to announce that it will donate USD 50 million to the Pandemic Prevention, Preparedness and Response (PPR) Fund housed at the World Bank.

Liu pointed out that, in line with the principle of "joint actions and equitable burden-sharing", China will press ahead with the debt treatment cases under the Common Framework for Debt Treatments beyond the DSSI, while following existing consensuses and respecting the decision made through consultations between the creditors’ committee and debtor countries. China supports the G20 Finance Track to follow its mandates and conduct exchanges and experience sharing on policies against climate change, while advocating that the principle of Common but Differentiated Responsibilities be upheld.

Liu stressed that infrastructure is an important pillar for economic and social development, adding that China is willing to work with all parties to achieve the goals of high-standard and sustainable infrastructure investment that benefits people’s livelihood. China welcomes the progress made on the implementation of the two-pillar international tax package against the challenges arising from economic digitalization, and supports the Global Forum to deploy the Asia Initiative.