LINE

    Text:AAAPrint
    Economy

    G20 ministers, central bankers expected to address global growth concerns

    1
    2016-02-26 11:13Xinhua Editor: Gu Liping

    Finance ministers and central bank governors from the Group of 20 are expected to coordinate policy to support the fragile recovery of the global economy when they meet in Shanghai on Friday.

    The market is awaiting messages from the two-day G20 Finance Ministers and Central Bank Governors Meeting after a rocky start in the global financial markets since the beginning of the year.

    "The major economies of the world share an interest in boosting cooperation amid weak global economic recovery and volatile financial markets," said Gao Haihong, senior fellow at the Institute of World Economics and Politics under the Chinese Academy of Social Sciences.

    The International Monetary Fund (IMF) released a report on Tuesday highlighting increasing risks to a global recovery and calling for urgent and bold action to support growth.

    The IMF in January predicted a growth of 3.4 percent for the world economy this year but now said it could downgrade the figure when it publishes its next forecast in April.

    U.S. Federal Reserve Chair Janet Yellen will be in spotlight as analysts believe uncertainties over U.S. monetary policy have been a key source of the current global financial market turmoil. Experts say the Fed faces pressure to slow down the pace of its intended rate hikes.

    South Korea will be watching closely for clues on the Fed's intended interest rate hikes this year, said Han Jae-jin, a senior research fellow at the Hyundai Research Institute.

    Ramiro Alves da Silva, an official from Brazil's Finance Ministry, says the world economy faces downside risks.

    Brazil's Finance Minister Nelson Barbosa is expected to present his country's fiscal and social security reforms in Shanghai at a time when his country is in the midst of a severe recession.

    "This year, the G20 group is focused on adopting structural reforms to help economic growth in member countries," the Finance Ministry said.

    Da Silva said the Brazilian government hopes the meeting provides an opportunity to discuss ways to help emerging economies.

    China's Finance Minister Lou Jiwei and central bank governor Zhou Xiaochuan will be closely watched, too, as the country chairs the meeting to discuss structural reforms and strengthen economic cooperation and policy coordination. China is also stepping up communication with the market to allay concerns over its economic outlook. The Chinese government says fears over China's economy are unwarranted.

    The Chinese economy has experienced a relative slowdown as it presses ahead with its economic transformation, but its growth of 6.9 percent last year is still among the highest in the world.

    Russian experts say their country is interested in learning about the policy directions of other major economies such as the United States, the European Union, Japan and China.

    For Russia, one of the key topics for discussion at the Shanghai meeting is how to deal with impacts from external factors, especially the dramatic changes in commodity prices, they said.

    But experts also agree that it is not easy for the diverse grouping of G20 ministers and central bankers to coordinate their policies.

    "I think the policy makers should concentrate on measures to support growth," Gao said. "They should also reassure investors that the financial market volatilities have been so dramatic that they are not exactly reflective of the condition of the real economy," Gao said.

      

    Related news

    MorePhoto

    Most popular in 24h

    MoreTop news

    MoreVideo

    News
    Politics
    Business
    Society
    Culture
    Military
    Sci-tech
    Entertainment
    Sports
    Odd
    Features
    Biz
    Economy
    Travel
    Travel News
    Travel Types
    Events
    Food
    Hotel
    Bar & Club
    Architecture
    Gallery
    Photo
    CNS Photo
    Video
    Video
    Learning Chinese
    Learn About China
    Social Chinese
    Business Chinese
    Buzz Words
    Bilingual
    Resources
    ECNS Wire
    Special Coverage
    Infographics
    Voices
    LINE
    Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
    Copyright ©1999-2018 Chinanews.com. All rights reserved.
    Reproduction in whole or in part without permission is prohibited.
    主站蜘蛛池模板: 柘城县| 延安市| 桂东县| 勃利县| 涟源市| 鹤山市| 辽阳县| 蛟河市| 通州市| 大竹县| 吴桥县| 曲周县| 柘荣县| 安岳县| 吉首市| 云浮市| 巧家县| 蓝山县| 江门市| 纳雍县| 彭山县| 阳新县| 和平县| 通许县| 遂昌县| 义乌市| 若羌县| 筠连县| 荔浦县| 普洱| 凤凰县| 历史| 福鼎市| 开阳县| 射阳县| 贵州省| 朝阳县| 定西市| 通道| 荃湾区| 淮南市|