The Group of Seven (G7) finance ministers and central bank
governors met in Singapore Saturday to evaluate global economic
outlook and discussed the ways to promote continued prosperity by
addressing the opportunities and challenges lying ahead.
The G7 ministers and governors, in a statement after the
meeting, said performance remains strong amid moderating growth in
the Untied States, growth in the euro zone after accelerating
should remain strong and more balanced in the second half of the
year, growth in Britain is becoming stronger and more balanced,
Canada remains on a strong balanced growth path and Japan has
exited the zero-interest rate policy and its recovery is now
broadly-based.
The statement said that the positive outlook, however, is not
without potential downside risks, including tight and volatile
energy markets, rising inflation expectations in some economies and
the spread of protectionist tendencies.
The statement added that current high energy prices reflected
both rising demand from strong global expansion and concerns about
current and future supplies.
The statement said the G7 welcomed the resolution on quota and
voice reform now being considered by the IMF governors and urged
all members to support it.
The statement stressed the importance of advancing multilateral
trade liberalization, and urged all parties to show political will
and flexibility necessary to resume the Doha Development Round as
soon as possible.
Chinese Finance Minister Jin Renqing discussed world economic
development, especially Asian economic situation, with his
counterparts from G7, Singapore and Thailand.
Finance ministers attending the meeting agreed that Asia has
seen the most robust economic growth in the world. It's very
important for the region to keep appropriate proportion of
investment and consumption.
The ministers also called on Asian countries to take more
proactive measures to promote policy readjustment according to
their own situation, while strengthening exchanges on
macro-economic policies with international community.
Jin, in his speech, explained China's finance measures in
promoting domestic consumption. He also called on developed
countries to adopt active and effective measures to promote the
healthy development of world economy.
Jin and Governor of the People's Bank of China Zhou Xiaochuan
also attended a lunch meeting with central bank governors and
finance ministers from the G7 here Saturday.
(Xinhua News Agency September 17, 2006)