Liu Kun, Minister of Finance, participated in a virtual meeting of the G20 Finance Ministers and Central Bank Governors held on March 23, 2020 under the Saudi G20 Presidency to discuss the impact of the COVID-19 pandemic on the global economy and coordinate a global response.

Liu delivered a speech at the meeting, which was attended by Zou Jiayi and Liao Min, both Vice Ministers of Finance.

The meeting agreed that the COVID-19 pandemic has serious impacts on the global economy and in particular poses great challenges to developing countries. G20 parties should act decisively to use all policy measures to support economic growth, maintain market liquidity, strengthen policy coordination and cooperation, and stop the spread of COVID-19 in a coordinated manner. Meanwhile, efforts are needed to minimize export restrictions, stabilize international trade, and safeguard global supply chains. All parties supported relevant international organizations’ deployment of all available resources and their exploration of additional measures to help address the impact on emerging markets and developing economies. G20 members presented their supportive fiscal and monetary policy responses to COVID-19, and also agreed to develop a joint G20 Action Plan.

Liu said that the pandemic is a common challenge for all mankind and, in the spirit of solidarity as well as cooperation and respect for science, G20 countries should take timely action to coordinate pandemic prevention and control and to achieve economic and financial stability. All parties should strengthen macroeconomic policy coordination, swiftly implement fiscal and monetary policies that are appropriate and targeted, stabilize global supply chains, oppose all forms of protectionism, promote trade liberalization and investment facilitation, and support the World Bank and other organizations to strengthen coordination and put forward joint action initiatives. Since the outbreak of the pandemic, the Chinese government has taken the most stringent and thorough measures, and coordinated all policy means and resources to bring the pandemic under rapid and effective control. At the same time, China has shared timely information and provided assistance to the international community, making tremendous contributions to the global response of the pandemic. On the premise of effective COVID-19 prevention and control, the Chinese government has adopted a series of fiscal and monetary policies to support the resumption of work and promote economic growth.

Liu said the impact of the pandemic on China's economy is generally temporary and controllable. China’s economy is still characterized by ample potential, strong resilience, and ample room for maneuver, and the underlying trend of the Chinese economy toward long-term sound development remains unchanged. China's fiscal policy will be more proactive, with improved quality and efficiency, and will support the expansion of domestic demand. China is confident that it can maintain a stable and healthy economic growth. China is also ready to strengthen cooperation with all parties to maintain global economic and financial stability.