CRI听力:G20 nations to use "all policy tools" to support growth

A communique issued after the two-day session noted "the global economic environment is challenging and downside risks persist, highlighted by fluctuating commodity prices, and low inflation in many economies."

In it, the member economies reiterate their determination to use all policy tools -- monetary, fiscal and structural -- individually and collectively to achieve the goal of strong, sustainable, balanced and inclusive growth.

They also committed to enhance communication and cooperation, and take effective steps to address the challenges of structural problems.

Speaking to a press briefing, Chinese Minister of Finance Lou Jiwei said the structural reforms have been high on agenda.

"The G20 member countries have located the highest common divisor in terms of the important fields and principles of the reforms and identified the priorities and guiding principles of the reforms. This will help G20 member countries to collectively promote and enforce structural reforms and to maximize the positive spillover effects of the reforms."

The Chinese minister said structural issues have become the main constraint to global economic growth.

The G20 member countries had agreed to assess the progress of structural reforms every two years based on an indicator system.

The assessment results will be recorded into the Accountability Report on the Implementation of the G20 Development Commitments.

"This will help us objectively measure the overall economic and social effects of the reforms in each country. The assessment will also visualize the progress and direction of the reforms in the G20 member countries and act as a guidance for the next-phase reforms."

The governments at the meeting, which included Great Britain, called for a "close partnership" between the UK and Europe in the wake of Brexit, which they said had caused turmoil in global markets but that steps have been taken to limit its impact.

The nations reaffirmed their previous exchange rate commitments, including refraining from competitive devaluations and not targeting exchange rates for competitive purposes.

During the meeting, G20 members again vowed to promote investment with focus on infrastructure in terms of both quantity and quality.

The finance leaders also endorsed recommendations to strengthen international financial architecture, with an agreement to build an open and resilient financial system.

They also warned of impacts that geopolitical conflicts, terrorism, and refugee flows have brought to the global economic environment.

The meeting in Chengdu is the last of its kind before the G20 Summit which kicks off in Hangzhou in China in September.

For CRI, this is Liu Yuanhui.