The meeting held that due to a series of factors such as epidemic, inflation, geopolitical situation and rising energy and food prices, the global economic recovery continued to slow down and the risks further increased. All parties agreed to strengthen policy coordination and communication, improve the flexibility and accuracy of fiscal response measures, strengthen support for green and digital fields, properly grasp the rhythm of monetary policy, stabilize inflation expectations, cooperate to maintain financial stability, prevent spillover effects, and promote a strong recovery of the global economy.
All parties reiterated their support for promoting economic recovery in low-income countries. The meeting affirmed the progress made in the implementation of SDR loans and welcomed the long-term financial support provided by the International Monetary Fund (IMF) Trust Fund for Resilience and Sustainability to countries in need. The parties reaffirmed that they would continue to implement the framework of debt disposal, and stressed that private creditors and other official creditors should participate in debt disposal in a comparable way. The meeting promised to maintain the global financial safety net centered on the IMF and promote the completion of the16th general inspection of IMF shares as scheduled before the end of 2023.
The meeting unanimously adopted the G20 Sustainable Finance Report 2022, supporting the achievements made by the G20 Working Group on Sustainable Finance in formulating a transitional financial framework, improving the net zero emission commitment of financial institutions and developing sustainable financial instruments. The meeting welcomed the progress made by all parties in implementing the G20 road map for sustainable finance, and called for further implementation of the road map to promote financial support for green and low-carbon transformation.
The meeting stressed that it is necessary to improve the ability of the global financial system to cope with risks and agreed to continue to maintain global financial stability through policy coordination and standard implementation. All parties support dealing with the financial risks brought by climate change from the perspectives of data, disclosure and evaluation, welcome the work of the Financial Stability Board in improving the supervision and coordination of encrypted assets, and agree to continue to promote the digital inclusive finance to play an active role in supporting sustainable and inclusive economic development.
In his speech, Yi Gang introduced China's economic situation and monetary policy stance, and indicated that China's price level was basically stable. The People's Bank of China will intensify the implementation of a prudent monetary policy, provide stronger support for the real economy, focus on infrastructure construction, and support financial institutions to issue loans for equipment renovation in key areas such as manufacturing, and at the same time accelerate the use of special loans for "Baojiaolou" to promote the stable and healthy development of the real estate market. Yi Gang welcomed the progress made in implementing the G-20 debt disposal framework, saying that China will continue to do a good job with all parties, and private sector creditors should participate in a comparable way. He also welcomed the IMF's proposal to build a new global public infrastructure in the payment field and enhance the flexibility of the international monetary system. Yi Gang thanked all parties for supporting the People's Bank of China to take the lead in formulating the G20 Policy Framework on Financial Support for Orderly Transformation of High-carbon Industries and the G20 Sustainable Finance Report 2022, and looked forward to working with all parties to further promote G20 sustainable finance.
Want to know more financial news in real time, please pay attention to us.
Inspirational story: Love is full of "study road" and dreams come true as "sisters"