G20 finance ministers and central bank governors met virtually under the Saudi G20 Presidency on April 15, 2020 to discuss the global economic outlook following the COVID-19 pandemic and implement the G20 Leaders' commitments made at their extraordinary virtual summit. A communiqué was also released. 

Liu Kun, Minister of Finance, participated in the virtual meeting and made a speech. Zou Jiayi, Vice Minister of Finance, was also present at the meeting. 

The meeting noted the spread of COVID-19 has caused massive health and economic impacts, and the IMF expects a severe global recession this year. G20 members have pledged to take domestic and international measures to address the COVID-19 pandemic and its impact, partly by implementing unprecedented fiscal, monetary and financial stability actions to promote a robust, sustained and inclusive global economic recovery.  

The meeting endorsed the G20 Action Plan in response to the COVID-19 pandemic, which sets out the key principles guiding response and commitments to specific actions. It also endorsed the Debt Service Suspension Initiative for Poorest Countries, in which multilateral development banks, official bilateral creditors, and private creditors should participate. The meeting also welcomed funding support by the International Monetary Fund, the World Bank Group and other IFIs, and called for coordination of regulatory and supervisory measures to uphold global financial resilience.  

Liu Kun said that COVID-19 continues to spread and the world economy faces increasing risk of slowdown and more uncertainties. In the face of economic recession pressures, what is most needed is firm confidence, coordinated response and comprehensive international cooperation. All parties need to leverage and coordinate their macro policies to counteract the negative impact, implement strong and effective fiscal and monetary policies, jointly safeguard the stability of the global industrial chains and supply chains, and create conditions for economic recovery after the pandemic crisis. 

Liu also said China supports a time-bound suspension of debt service payments for the poorest countries, appreciates the consensus reached by the G20 on specific programs, and will make its due contribution. China also calls for multilateral development banks to participate in the initiative as soon as possible, and will continue to actively support the role of international organizations as well as efforts to improve policy tools, enhance monitoring of COVID-19 and economic risks, and strengthen crisis response capacity. 

China has further consolidated the initial progress in COVID-19 response while economic and social development is getting on track at an accelerated pace and efforts to resume work and production have also made significant headway. The Chinese government will continue to coordinate pandemic prevention and control and economic and social development, adopt more proactive fiscal policies, improve quality and efficiency, appropriately raise the fiscal deficit ratio, issue special treasury bonds, increase the scale of special bonds of local governments, and further reduce taxes and fees.