The G20 Finance Ministers and Central Bank Governors met virtually on Monday 23 March 2020, under the Saudi G20 Presidency, to discuss the impact of COVID-19 pandemic on the global economy and coordinate their responses to this global challenge, in preparation for the upcoming G20 Extraordinary Virtual Leaders’ Summit on COVID-19. Governor YI Gang spoke at the meeting. Deputy Governor CHEN Yulu also attended the meeting.
G20 Finance Ministers and Central Bank Governors agreed that the COVID-19 had significant impact on global economy and highlighted the need for further G20 coordination to safeguard the stability of the global economy and financial market. They agreed to develop a joint G20 Action Plan in response to COVID-19, which will outline the individual and collective actions that G20 members have taken and will be taking to respond to the COVID-19 pandemic. They stressed the importance for the international financial institutions to work together to mobilize all available resources and explore additional measures needed to support the emerging markets and developing economies. G20 Finance Ministers and Central Bank Governors will meet on a regular base and work together to address the impact of COVID-19 on global economy.
Governor YI Gang pointed out that, under the current juncture, G20 members should coordinate and synchronize their macroeconomic policy mix to address the impact of COVID-19. China supports the G20’s efforts to coordinate international responses as the premier forum of international economic coordination. Also, China supports the IMF, as the center of the global financial safety net, to safeguard stability of global economy and financial market.
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