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G20 meeting closes, promises more action to fix economy

THE G20 Finance Ministers and Central Bank Governors Meeting was formally closed yesterday afternoon after issuing a communiqué calling for further action to restore global economy.

The communiqué said G20 countries agreed further action to restore global growth, support lending and strengthen the reform of the global financial system.

After the communique was issued, British Chancellor Alistair Darling and US Treasury Secretary Tim Geithner held a press conference, respectively.

The two of them admitted that the meeting achieved some progress and made active and corresponding preparations for the upcoming G20 London Summit to be held on April 2.

When answering the question about the divergences between US and EU, Darling said that individual country has different situation, so policies taken by them would be different. However, they have reached a consensus on how to stimulate global economy and strengthen the reform of the international financial system.

When asked about the US and China relations, Geithner said he had a very good meeting with Chinese finance minister and central bank governor. He said that their objectives and approaches had as much in common with each other as US and China today.

America's treasury markets were the most liquid in the world. The US was committed to putting into place policies to bring the recovery sooner and improve long-term fundamentals to get its economy back to the path just of the sustainability.

At the meeting, Chinese Finance Minister Xie Xuren introduced China's current macro-economic situation and main anti-crisis measures taken by the Chinese government. He appealed that an open, fair and orderly international financial system should be established and efforts should be made to hasten the pace of reforming the governance of the international financial institutions.

Zhou Xiaochuan, Chinese Central Bank Governor, also emphasized the efforts of improving international financial supervision and cooperation, strengthening the supervision over the systemically important financial institutions and rating agencies, while appealing that advanced economies should contribute to stabilizing their own economies and global financial markets.

Prior to the publication of the communiqué by G20 finance ministers and central bank governors, Brazil, Russia, India and China, also named BRIC, issued a communiqué and they sent a strong appeal that the voice and presentation of emerging markets in the international financial system should be raised.

Though the meeting only last one day, 21 finance ministers and 18 central bank governors from advanced economies such as US, Japan, Britain, Germany and France, and emerging markets including China, India and Brazil conducted tense and in-depth discussions.

In addition, Dominique Strauss-Kahn, president of Internationa lMonetary Fund; Bob Zoellick, governor of World Bank; and Joaquin Almunia, member of the EC in charge of Economic and Monetary Affairs of European Commission, also attended the discussion.

Participants agreed to give priority to strengthening the coordination of macro-economic policies of all countries, taking further action to stimulate economy and avoiding the happening of global economic recession.

Meanwhile, the meeting emphasized to realize the consensus made in Washington Summit last November in the sectors of strengthening financial supervision, improving market loyalty and speeding up the reform of international financial institutions.


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