The G20 summit held in Chengdu, China, closed successfully today. The G20 Global Finance Minister and Central Bank Governor will issue a formal announcement. The highlights in the announcement are as follows:
1. The announcement pointed out that the global economic recovery is still fragile, geopolitical conflicts, terrorism and refugee flows have complicated the global economic environment, and the Brexit has further exacerbated economic uncertainty.
2. The G20 promises to use all policy tools, including monetary, fiscal and structural reform policies, to escort the global economy.
3. Monetary policy alone cannot achieve balanced growth, and it is necessary to actively adopt fiscal policies while structural reforms.
4. The G20 reiterates its previous exchange rate commitments, including avoiding competitive devaluation and not pegged the exchange rate for competitive purposes.
5. In particular, the impact of overcapacity in steel on trade and employment is considered. As a global issue, it should be resolved through global consultation and cooperation.
6. Reiterate support for the promotion of global infrastructure investment through multilateral development banks.
7. Continue to urge the IMF and the World Bank to reform to increase the share of voting rights and voting rights in emerging market countries and developing countries.
8. Continue to promote capital flow testing, bank supervision, combat global tax avoidance, prevent terrorist attacks, reduce the use of fossil fuels, increase investment in green investment, and reduce global warming efforts.
The full text of the announcement is as follows:
July 23-24, 2016, Chengdu, China
1. We met in Chengdu to review efforts to address key economic challenges and the progress made since the beginning of the year. We have worked closely in the spirit of unity and cooperation, and have achieved tangible results on various agendas. These results will be submitted to the Hangzhou Leaders Summit for consideration.
2. The global economy continues to recover, but it is still weaker than expected. At the same time, growth outcomes should be more widely shared within and between countries to promote inclusiveness. The global economic environment is full of challenges, and downside risks persist, highlighted by commodity price volatility and low inflation in many economies. Financial market volatility remains high, and geopolitical conflicts, terrorism and refugee flows continue to complicate the global economic environment. In addition, the results of the Brexit referendum have also increased the uncertainty of the global economy. G20 members are ready to respond positively to the potential economic and financial impact of the UK referendum. In the future, we hope to see the UK as a close partner of the EU.
3. We are taking action to increase confidence and promote growth. In light of recent changes in the situation, we reaffirm our determination to use all and part of our policy instruments, including monetary, fiscal and structural reform policies, to achieve our goals of strong, sustainable, balanced and inclusive growth. Monetary policy will continue to support economic activities, maintain price stability, and be consistent with the central bank's responsibilities, but monetary policy alone cannot achieve balanced growth. While emphasizing the critical role of structural reforms, we also emphasize that fiscal strategies are equally important to promote the achievement of our common growth goals. We are flexible in implementing fiscal policies and implementing more growth-friendly tax policies and public spending, including giving priority to supporting high-quality investments while enhancing economic resilience and ensuring that debt-to-GDP ratios remain sustainable. In addition, we will continue to study the G20 policy measures that are appropriate for each country as needed to support growth and address potential risks, including addressing the vulnerability of the balance sheet. We reiterate that excessive exchange rate fluctuations and disorderly adjustments will affect economic and financial stability. We will discuss the communication closely on the foreign exchange market. We reiterate our previous exchange rate commitments, including avoiding competitive devaluation and not targeting the exchange rate for competitive purposes. We will oppose various forms of protectionism. We will carefully develop and clearly communicate our policy actions in macroeconomic and structural reforms to reduce policy uncertainty, reduce negative spillovers, and increase transparency.
4. With regard to structural reforms, we endorse the “deep structural reform agenda†prepared by the Growth Framework Working Group and appreciate the valuable input provided by the OECD, the International Monetary Fund (IMF) and other relevant international organizations. We note that the choice and design of structural reforms should be consistent with the national economic situation. Based on the nine priority areas of structural reforms identified in April, we have developed a set of guiding principles and agreed. This set of guiding principles will provide members with useful high-level guidance while allowing countries to take care of their specific national circumstances. We also agree on a set of indicators to help monitor and evaluate our efforts and progress and challenges in structural reforms, and we will further strengthen the set of indicators in the future. We are committed to implementing and gradually improving the “deepening the structural reform agenda†and calling on international organizations to continue to provide support. The initial assessment of international organizations and the enhanced peer review show that we have made new progress in implementing the growth strategy, but there is still a lot of work to be done. The rapid and comprehensive implementation of the growth strategy remains critical to supporting economic growth and achieving the common growth ambitions set at the Brisbane Summit. On this basis, in order to redouble our efforts, we are updating our growth strategy to incorporate new and adjusted macroeconomic and structural policy measures and to play the role of mutual support to promote growth. We will complete the growth strategy update before the Hangzhou Summit and complete an accountability report measuring the progress of our growth ambitions. We emphasize that open trade policies and a strong and secure global trading system are important for promoting global economic inclusive growth, and we will take further action to revive global trade and enhance investment. We will also work to reduce excessive imbalances and increase inclusiveness in the pursuit of economic growth.
5. We recognize that the slow recovery of the global economy and the sluggish market demand have made structural problems, including overcapacity in some industries, even more serious, which have had a negative impact on trade and workers. We recognize that overcapacity in steel and other industries is a global issue that requires a collective response. We also recognize that subsidies and other types of support provided by government or government-backed institutions can lead to market distortions and global overcapacity issues that require attention. We are committed to strengthening communication and cooperation and are committed to taking effective measures to address these adjustments in order to strengthen market functions and encourage adjustment. The G20 steel-producing economy will participate in the international community's response to global overcapacity issues, including participation in the OECD Steel Committee meeting scheduled for September 8-9, 2016, and discuss the feasibility of setting up a global forum. As a platform for communication and sharing of global capacity dynamics, government policies and support measures.
6. To support our common growth goals and the 2030 Agenda for Sustainable Development, we reaffirm our commitment to advancing the investment agenda and will focus on infrastructure development, with equal emphasis on quantity and quality. Multilateral development banks have a unique role in supporting infrastructure investment. We have communicated effectively with multilateral development banks, calling on them to act together to support infrastructure investments and promote private investment. To this end, we welcome the commitments made by 11 multilateral development banks in the “Joint Vision Statement for Supporting Infrastructure Investment Initiativesâ€, including the declaration of quantifiable targets for high-quality infrastructure projects within their respective mandates, and Limit efforts to improve the quality of infrastructure projects, strengthen project reserves, enhance cooperation between new and old multilateral development banks, enhance the enabling environment for infrastructure investment in developing countries, and mobilize private investment. We emphasize that high-quality infrastructure investments are important to ensure economic efficiency while addressing life cycle costs, safety, resilience to natural disasters, job creation, capacity building, and transfer of knowledge and expertise. The social and environmental impact of good projects is consistent with economic and development strategies. We welcome the response of the multilateral development banks to the G20 multilateral development bank's optimized balance sheet action plan and call for further implementation of the action plan. Strengthening connectivity is an inevitable requirement of the global economy in the 21st century and plays a key role in promoting sustainable development and sharing prosperity. We have established the Global Infrastructure Interconnection Alliance to strengthen the overall synergy and cooperation of various infrastructure interconnection projects. We ask the World Bank to act as the Alliance Secretariat, working with the Global Infrastructure Center (GIH), the OECD, other multilateral development banks, and interested G20 members to support the Alliance's activities. We approved the G20/OECD Infrastructure and SME Financing Tools Diversification Policy Guidance Document and welcomed GIH's completion of the Government and Social Capital Partnership (PPP) Risk Sharing Analysis Report to help developing countries better assess infrastructure. risk. We support the effective implementation of the G20/OECD Corporate Governance Principles and the G20/OECD SME Financing Advanced Principles, in particular the expectation of a peer review of corporate governance under the Financial Stability Board (FSB) for G20/OECD Corporate Governance The evaluation method of the Principles is revised.
7. We support the continued efforts of international organizations to make coordinated and effective responses based on existing and already-initiated mechanisms, based on their functions and comparative advantages, for developing countries and middle-income countries of all regions and income levels. Refugees and their receiving communities provide support. We look forward to taking further steps in the near future. We note that the World Bank is discussing the consideration of establishing a global crisis response platform. We call for the strengthening of humanitarian and development assistance and refugee resettlement, and increase support for refugees and their receiving communities through relevant international organizations.
8. We approved the recommendations of the International Financial Architecture Working Group on improving the international financial architecture. Based on the work of relevant international organizations, we will continue to improve the analysis of capital flows, monitoring and management of risks arising from excessive volatility of capital flows. We expect the IMF to complete its review of country experiences and new issues related to capital flows by the end of the year. We have taken note of the ongoing review of the OECD Capital Flows General Principles. We support the further strengthening of a global financial safety net with a strong, share-based and well-resourced IMF as the core, improve the effectiveness of IMF loan instruments, and further strengthen the IMF and regional financial safety nets based on respecting their respective responsibilities. Effective cooperation between. In this regard, we welcome the forthcoming joint exercise of the Chiang Mai Initiative Multilateralization and the IMF and call on the IMF to do more work on loan instruments. We look forward to completing the 15th total share inspection before the 2017 annual meeting, including the formation of a new share formula. We reiterate that share adjustment should increase the share of dynamic economies to reflect their relative position in the world economy, so the likely outcome is an overall increase in the share of emerging markets and developing countries. We expect the World Bank to implement share review in accordance with the agreed roadmap and timetable with the goal of gradually achieving equal voting rights. We emphasize the importance of promoting effective and sustainable financing practices and will continue to improve the debt restructuring process. We support the continued efforts to incorporate enhanced contract terms into sovereign debt. We support the Paris Club as the main international official bilateral debt restructuring platform, discuss a series of sovereign debt issues, support the Paris Club to continue to absorb more emerging creditor countries, and welcome South Korea to join the Paris Club. We welcome China's regular participation in the Paris Club meeting and China's willingness to play a more constructive role, including further discussion of potential membership issues. We support research to expand the use of SDRs, such as the wider release of financial and statistical data with SDR as the reporting currency, and the possibility of issuing SDR-denominated bonds to enhance resilience. We call on international organizations to work further to support the development of the local currency bond market, including strengthening support for low-income countries. We extend the responsibilities of the International Financial Architecture Working Group to 2017.
9. Recent market turmoil and uncertainty have once again highlighted the importance of establishing an open and risk-resistant financial system. To this end, we continue to commit to the core work remaining in the regulatory framework and to implement the agreed financial reforms in a timely, comprehensive and consistent manner, including Basel III and Total Loss Absorptive Capacity (TLAC) standards, as well as effective cross-border disposal. mechanism. We reiterate our support for the Basel Committee on Banking Supervision (BCBS) to complete the Basel III framework by the end of 2016, while promoting a level playing field while avoiding further substantial increases in the overall capital requirements of the entire banking industry. We expect BCBS to conduct a comprehensive quantitative impact analysis to inform the final design and calibration of the regulatory framework. We will continue to strengthen monitoring the implementation of reforms and their effectiveness to ensure that they meet our overall goals, including any unforeseen major consequences. We look forward to the second annual report of the FSB to be submitted to the leaders during the Hangzhou Summit on the implementation and effectiveness of financial regulatory reforms. We will continue to address the issue of systemic risks in the insurance industry. We welcome the development of Insurance Capital Standards (ICS) for international active insurance institutions. We welcome the joint efforts of the IMF, FSB and BIS to summarize the international experience of macroprudential frameworks and tools to help promote effective macroprudential policies and look forward to the report being released before the Hangzhou Summit. We welcome the FSB's comments on policy recommendations for addressing the fragility of the asset management business structure. We will continue to closely monitor and, where necessary, address new risks and vulnerabilities in the financial system, including those associated with shadow banking, asset management and other market-based financing. In order to properly deal with the reduction of agency business, we look forward to the progress report of the four action plans coordinated by the FSB to be submitted to the Hangzhou Summit. The G20 looks forward to further clarifying the work related to regulatory expectations, including the October Financial Action Task Force (FATF) to discuss agency guidelines. We call on G20 members, the IMF and the World Bank to increase their support for capacity building in countries to help them improve compliance with global anti-money laundering and counter-terrorism financing (AML/CFT) and prudential standards. We encourage members to narrow the gap in the implementation of financial market infrastructure principles and accelerate action on OTC derivatives market reforms. Based on the work plan we have adopted, we expect those comments on the anti-risk ability, recovery plan and disposition of the central counterparty to be released before the Hangzhou Summit. We have adopted the G20 Digital Inclusive Finance Advanced Principles, the G20 Inclusive Financial Indicators System Upgrade, and the G20 SME Financing Action Plan Implementation Framework, developed by Inclusive Financial Global Partners (GPFI). We encourage countries to consider these principles when developing their broader inclusive financial schemes, especially in the area of ​​digital inclusive finance.
10. We welcome the first meeting of the G20/OECD Tax Erosion and Profit Transfer (BEPS) Inclusive Framework in Kyoto, Japan, and in particular the participation of the framework is very broad, which will be a timely, continuous and extensive implementation of the G20/OECD BEPS project. It also plays a key role in addressing the special challenges facing developing countries. We call on all interested countries and jurisdictions that have not yet made a commitment to the BEPS project to commit and participate equally in the framework. We also welcome recent progress in the effective and broad implementation of internationally recognized standards for tax transparency. We reiterate our call for all countries that have not yet made commitments, including all financial centers and jurisdictions, to make immediate commitments, implement automatic intelligence exchange standards by 2018, and sign the Multilateral Tax Administration Mutual Assistance Convention. We support the Global Forum on Tax Transparency and Intelligence Exchange to monitor the implementation of automated information exchange and look forward to receiving its report by the end of this year. We endorse the OECD and G20 members' proposals for objective criteria for identifying non-cooperative jurisdictions in terms of tax transparency. We ask the OECD to report to us on the progress of tax transparency in the region by June 2017, and how the Global Forum on Tax Transparency and Intelligence Exchange will manage the country review process and respond to additional review requests from countries for the OECD in 2017. Before the G20 Leaders Summit in July, prepare a list of jurisdictions that have not yet achieved satisfactory progress in implementing international tax transparency standards. Defensive measures will be considered for the jurisdictions listed. We encourage countries and international organizations to help developing countries strengthen tax capacity building. To this end, we have established new tax cooperation platforms for the IMF, OECD, the United Nations and the World Bank, as well as recommendations for effective technical assistance mechanisms for tax reforms. Express recognition. We look forward to receiving updates on the progress in mid-2017. We support the principles of the Addis Tax Initiative. We recognize that illicit financial flows will have a huge negative impact on national economies and will continue to advance the G20's work in this area.
11. We recognize that tax policy plays an important role in the broader robust, sustainable, and balanced growth agenda, and recognizes the important role of a fair and efficient international tax environment in reducing conflicts in the tax system. As highlighted in our discussions at the G20 High-Level Tax Seminar, we value the effectiveness of tax policy instruments in providing supply-side structural reforms that drive innovation-driven and inclusive growth, as well as tax certainty for investment and trade. benefit. To this end, we ask the OECD and the IMF to continue to work on growth tax policies and tax certainty.
12. We reiterate our request to the FATF and the Global Forum on Tax Transparency and Intelligence Exchange to provide preliminary recommendations on how to strengthen the implementation of international transparency standards, including access to beneficial ownership information for legal persons and legal arrangements, and for the exchange of information across borders, before our October meeting.
13. We express our strongest condemnation of the recent terrorist attacks. We reaffirm our commitment to unity and our determination to combat terrorism in all its forms, wherever it occurs. We will address all sources, technologies and channels of terrorist financing. We welcome the FATF's progress in implementing its new comprehensive strategy to combat terrorist financing and call for effective implementation of its operational plan. It is imperative to implement FATF standards quickly and effectively around the world. This requires strengthening the leadership of the FATF and improving the effectiveness of the FATF network and regional institutions similar to the FATF. We call on the FATF to report to us on how to make progress in these areas by March 2017.
14. We recognize the need to expand green investment and financing in order to support global development under environmentally sustainable conditions. We welcome the G20 Green Finance Comprehensive Report submitted by the Green Finance Research Group and the voluntary optional measures initiated by it to enhance the ability of the financial system to mobilize private capital for green investment. Specifically, we believe that we can develop green finance through the following efforts: provide clear strategic policy signals and frameworks, promote the voluntary principles of green finance, expand capacity building learning networks, support the development of local green bond markets, and promote international cooperation to promote Cross-border green bond investments encourage and promote knowledge sharing in environmental and financial risk areas and improve assessment of green financial activities and their impact.
15. We welcome the domestic measures taken by some countries to help the climate change Paris Agreement come into force as soon as possible, while encouraging other countries to do so. We reiterate our call for the timely implementation of the Paris Agreement on Climate Change, the implementation of the commitments made by developed countries and international organizations on climate finance and the statements made by other countries on climate finance. We welcome the report of the Climate Funds Research Group on “Providing and Mobilizing Climate Funds in an Effective and Transparent Way to Strengthen Mitigation and Adaptation Actions†and noting the “mainstreaming of climate change factors in development assistance and climate finance projectsâ€. Outlook report. Based on the work arrangements established by the G20 presidency next year, we will continue to work on climate finance issues in 2017, with the goal of sharing the expertise, knowledge and experience of the G20 Forum for the United Nations Framework Convention on Climate Change (UNFCCC). The discussion underneath contributed.
16. We reaffirm our commitment to standardize and phase out inefficient, wasteful fossil fuel subsidies in the medium term and recognize the need to support the poor. In addition, we encourage all G20 members to consider participating in inefficient peer-reviewed inefficient, waste-fed fossil fuel subsidies.
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