On November 20, Saudi Arabia, the presidency of G20, hosted the last G20 finance ministers' video conference under its chairmanship. The parties discussed the global economic situation and development prospects, priorities of financial channels in 2021, and made final policy preparations for the G20 leaders' summit in Riyadh on November 21 and 22. Minister of Finance Liu Kun attended the meeting and delivered a speech, accompanied by Vice Minister Zou Jiayi.

Liu pointed out that the epidemic is still spreading around the world, the world economy is in a severe recession and the economic recovery of various countries is unbalanced and insufficient. The G20 should continue to play its role as a major platform for international economic cooperation to promote post-coVID-19 recovery and growth of the world economy. Second, firmly uphold multilateralism, build an open world economy and promote world economic recovery through more open globalization. Third, we will actively develop new growth areas such as the digital economy and green development to build new drivers of growth for the post-coVID-19 world economy.

Liu said that Since the beginning of this year, China has coordinated epidemic prevention and control and economic and social development, and played a positive role in promoting world economic recovery. The fifth Plenary Session of the 19th CPC Central Committee made a comprehensive plan for China's development during the 14th Five-Year Plan period, and proposed to build a new pattern of development in which both domestic and international cycles play a dominant role and both domestic and international cycles promote each other. More attention will be paid to expanding domestic demand and unimpeded domestic market, as well as international cooperation and opening up. On November 15, 15 countries, including China, signed the Regional Comprehensive Economic Partnership agreement, bringing new hope for accelerating the post-coVID-19 recovery of the world economy. China is ready to work with G20 members to continue to contribute to strong, sustainable, balanced and inclusive growth of the world economy.

Source: Ministry of Finance, PRC