G20: China Has The Tools To Manage Growth Reform
Chinese policymakers on Friday sketched out the country’s economic policies and reform agenda, reassuring the world that the government has plenty policy tools to combat downward pressure as financial leaders from G20 nations gathered in Shanghai.
In a video message to the G20 Finance Ministers and Central Bank Governors Meeting, Chinese Premier Li Keqiang reiterated that China has the confidence to handle the complex economic situation at home and abroad.
“The Chinese economy has great potential, resilience and flexibility, and we will capitalize on such strengths,” he said.
Friday’s gathering came amid weak economic growth worldwide and increasing volatility in the financial markets. The IMF earlier this week highlighted increasing risks to global recovery and called for urgent and bold action to support growth.
In January, the fund predicted growth of 3.4% for the world economy this year but may downgrade the figure when it publishes its next forecast in April.
Li called for G20 nations to stand together during the difficulties.
“When formulating macro-economic policy, G20 members need to keep in mind not just their own growth, but should also watch for the spillover effects of their policies,” he said.
Continued turbulence in the stock market and RMB Yuan depreciation at the start of Y 2016 did little to disguise what could be a very difficult year ahead, putting the country’s economic policies and reform agenda in spotlight at Friday’s meeting.
Have a terrific weekend.