B20 recommendations on global growth win favor at G20 Finance Ministers and Central Bank Governors Meeting

Updated: 2016-08-05

The G20 finance ministers and central bank governors held their third meeting under the Chinese Presidency in Chengdu, Sichuan province from July 23 to 24, bringing together more than 900 representatives from G20 members, guest countries and relevant international organizations.

B20 China Sherpa Yu Ping led the B20 delegation to the meeting. He outlined the relevant recommendations in the B20 policy paper, which generated positive results.

Yu said this year's B20 set topics in six major areas -- financing growth, trade and investment, infrastructure, SME (small and medium-sized enterprises) development, employment and anti-corruption -- and accordingly established five taskforces as well as the Anti-corruption Forum.

Yu said that B20 China organized some 50 conferences and paid visits to 14 of the G20 members and guest countries in 2016. A total of more than 3,900 people attended relevant discussions, leading to the B20 policy paper that represents the consensus of the international business community.

Yu introduced the major 20 policy recommendations in the B20 policy paper, especially those concerning economy and finance, which include: 

To increase the reserve of high-quality projects that have strong financing capability, while promoting innovation of financing tools to facilitate infrastructure investment; To maximize the role of multilateral development banks and boost the private sector's investment in infrastructure; To encourage the development of green investment and financial markets; To develop inclusive financing through leveraging innovations in digital technology; To optimize global financial supervision to help drive economic growth; To encourage financing for SMEs, and expand funding channels; To enhance international tax policy coordination, and support debt and equity financing; To adopt innovative technology and management measures so as to increase the value of infrastructure projects; To build up infrastructure interconnectivity around the world.

The participants gave positive feedback on this year's B20 policy paper, saying its recommendations were well oriented, practicable and in line with relevant proposals made by the G20. The B20 policy paper is an active contribution to the G20's efforts in driving global recovery and growth, they added.

Moreover, the participants called for enhanced cooperation between the B20 and the G20, as well as persistent efforts in boosting the world economy.

The recommendations presented by the B20 policy paper were fully reflected in the communiqué released after the meeting.

Chang Yun, Assistant to B20 Sherpa, also attended the meeting.