G20 vows to support financial stability, sustainable growth

Updated: 2013-02-17 07:30


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During the Moscow meeting, developed countries pledged to consider the spillover effect of their macro-economic policies, especially the monetary policies on the world economy in general and developing countries in particular.

Russian Finance Minister Anton Siluanov urged some countries to bear in mind the risks of adopting loose monetary policies, noting the global rebalance should be achieved via a series of measures instead of mere exchange rates adjustment.

Besides exchange rates and monetary policy, long-term growth was another central topic for discussion.

Chinese Finance Minister Xie Xuren and Governor of the People's Bank of China Zhou Xiaochuan outlined key points of the Chinese government's economic policy during the meeting, saying China's sustainable development has contributed to the global recovery and growth.

Their remarks were echoed in the communique, which claimed that important political steps taken in the United States, Europe and Japan, as well as sustainable economic growth in China lowered major economic risks facing world economy and boosted the financial markets.

With fragile global recovery and bleak employment figures, participants of the meeting recognized the weakness of economic growth, pledging to reduce global imbalances and continue structural reforms so as to achieve strong, sustainable and balanced growth, the communique said.

International financial architecture reform was another main topic of the meeting. G20 members reaffirmed the urgent need to ratify the 2010 IMF quota and governance reform, vowing to reach an agreement on the quota formula and complete the general quota review by January 2014 as agreed at the Seoul Summit.

The G20 Moscow conference was the first major event chaired by Russia since it held the G20 rotating presidency in 2013.

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