Finance leaders of the Group of 20 (G20) agreed yesterday to
improve policy coordination and work toward balanced and
sustainable growth, according to a communiqué released after their
weekend meetings in Xianghe, north China's Hebei
Province.
The finance ministers and central bank governors said they
welcomed the ongoing expansion of the world economy, while
recognizing that there was low growth and increasing poverty in
some developing countries.?
"We also emphasize that the risk of long lasting high and
volatile oil prices, widening global imbalances and rising
protectionist sentiments could exacerbate uncertainties and
aggravate global economic and financial vulnerabilities," the
communiqué said.
It said the G20 was determined to implement the necessary
fiscal, monetary and exchange rate policies, and accelerate
structural adjustments to resolve imbalances and overcome
risks.?
The finance leaders agreed to enhance cooperation on dealing
with volatile oil prices, which could increase inflationary
pressures, slow down growth, and cause instability in the global
economy.?
They stressed the need to increase oil investment, production
and refining capacity, and vowed to enhance dialogue between oil
suppliers and consumers.?
They also stressed the importance of promoting energy
conservation and efficiency, including adopting and transferring
new technologies, developing alternative and renewable energy
sources, and reducing subsidies on oil products.?
The G20, which comprises the Group of Seven and leading emerging
nations such as China, India and Brazil, agreed that successful
talks on the WTO's Doha Development Agenda was critical for
ensuring globalization benefits all countries.
They urged all parties concerned to provide the necessary
political impetus to promote trade liberalization, fight
protectionism, and make real progress at the WTO Ministerial
Conference to be held in Hong Kong later this year.?
The G20 finance chiefs acknowledged the Bretton Woods
Institutions (BWIs) have made significant contributions to growth
and development, and the improved functioning of the international
monetary system.?
However, they said the evolution of the international economy
and global financial markets requires a continuing review of the
representation, operations, and strategies of the BWIs.?
In the communiqué, the finance officials said they were
concerned that a number of developing economies may not be able to
attain UN Millennium Development Goals without substantial
additional support.
(China Daily October 17, 2005)