People’s Bank of China Governor Yi Gang attended the G20 Finance Ministers and Central Bank Governors Meeting online

On October 13, 2021, Italy, the presidency of the Group of Twenty (G20), hosted a meeting of G20 finance ministers and central bank governors in Washington, USA to discuss the global economic and health situation, support low-income countries in responding to the impact of the epidemic, sustainable finance, Cross-border payments, international taxation and other issues, a communiqué was issued after the meeting. The Governor of the People’s Bank of China Yi Gang attended the meeting and delivered a speech via video connection, accompanied by Vice President Chen Yulu.

The meeting believed that the global economy continues to recover, but the recovery momentum is clearly differentiated, and the downside risks related to the new crown epidemic are prominent. All parties reiterated that they would adopt all policy tools to deal with the impact of the epidemic, and agreed to continue to support economic recovery on the basis of maintaining financial stability, maintaining long-term fiscal sustainability, and preventing spillover effects, and avoid premature withdrawal from supportive policy measures.

The meeting pointed out that sustainable finance is essential to promoting green transformation, and approved the “G20 Sustainable Finance Roadmap” and “G20 Sustainable Finance Comprehensive Report” drafted jointly by the People’s Bank of China and the U.S. Department of the Treasury, and believed that future negotiations could be considered Incorporate biodiversity and other content into the “Road Map” on a consistent basis. All parties agreed to coordinate in response to climate change and environmental protection, affirmed the urgency and importance of protecting biodiversity, and called on the various working mechanisms of the G20 to form a joint force to jointly promote the low-carbon transformation of the economy.

The meeting reiterated its continued support for low-income countries to cope with the impact of the epidemic. All parties welcome the completion of the International Monetary Fund (IMF)’s general additional issuance of US$650 billion equivalent special drawing rights (SDR), affirm the progress of the IMF in formulating the SDR voluntary lending program, and support the expansion of the IMF’s existing poverty reduction fund with SDR The scale of China and the establishment of additional funds to provide support to relevant countries. All parties welcomed the progress of the implementation of the G20 Debt Mitigation Initiative and the Common Debt Disposal Framework, and expressed that they will further implement the Common Debt Disposal Framework in a timely and coordinated manner, and emphasized that other official bilateral creditors and commercial creditors should participate in a comparable manner. The meeting reiterated its support for a global financial safety net centered on a strong, quota-based, and adequately resourced IMF to advance the 16th IMF quota inspection.

The meeting agreed that financial stability should be maintained while ensuring that the financial system supports economic recovery. The meeting believed that the risk resistance of non-bank financial intermediaries should be strengthened, continue to implement the roadmap for improving cross-border payments, emphasize that the operation of global stablecoins must be based on compliance with all relevant legal and regulatory requirements, and encourage relevant international institutions to continue to study the central government The role of bank digital currency in improving cross-border payments and its impact on the international monetary system.

Yi Gang introduced the recent economic and financial situation in China, saying that China’s inflation is generally moderate, and the prudent monetary policy will be flexible, precise, reasonable and appropriate, and support high-quality economic development. Thanks to Italy and other G20 parties for their support for the formulation of the “G20 Sustainable Finance Roadmap”, and expressed that the People’s Bank of China, as the co-chair of the G20 Sustainable Finance Working Group, will work with all parties to implement the “Roadmap”.

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