The G20 Finance Ministers and Central Bank Governors Meeting was held in Bangalore, India, on February 24, 2023.
Liu Kun, China's Minister of Finance, attended and spoke at the meeting via video link. Wang Dongwei, Vice Minister of Finance of China, also attended the meeting.
Liu said that uneven development is the biggest challenge facing all countries around the world. China has increased its inputs in implementing the Global Development Initiative, contributing to the increase of international development resources.
The G20 should encourage all parties to mobilize more financing for development through multiple channels, so as to inject impetus into global economic recovery and growth. All parties should look at the causes of global debt in a fair and objective way with in-depth analysis and address the problem in a comprehensive, systemic and effective manner.
International financial institutions and commercial creditors should follow the principle of "joint actions and fair burden sharing" and take a substantive part in dealing with debt issues based on historical experience.
Liu pointed out that the G20 members should actively seek solutions to meet developing countries' financing needs, with focused efforts in urging developed countries to move expeditiously to deliver their climate financing commitment. Meanwhile, they should adhere to the principle of common but differentiated responsibilities and respective capabilities, uphold the people-centered development philosophy, and enhance cooperation in response to climate change within the development framework.
Liu underlined the important role of infrastructure in social and economic development, adding that efforts should be made to give full play to the role of the G20 Finance Track in building consensus, mobilizing resources and making balanced efforts to push the public sector, private investors and multilateral development organizations to increase investment in and financing for global infrastructure development.
Being held under the G20 Indian presidency on February 24 and 25, the meeting was attended by the finance ministers and central bank governors of the G20 members, invitee members and heads of relevant international organizations. The attendees discussed issues such as international financial architecture, sustainable finance, infrastructure and the financial sector on February 24, and the issues for discussion on February 25 were related to the global economy and health, as well as international taxation.