The G20 Finance Ministers and Central Bank Governors Meeting was held in Gandhinagar, Gujarat, India, from July 17 to 18, 2023.
The Meeting focused on thematic sessions such as Global Economy and Global Health, Sustainable Finance, Infrastructure, International Financial Architecture and International Taxation. The Meeting concluded with a G20 Outcome Document and Chair's Summary.
Liu Kun, China's Minister of Finance, spoke at the meeting. Wang Dongwei, Vice Minister of Finance of China, also attended the meeting.
Liu said that development cannot be called as such unless all countries develop together, adding that the G20 should promote a more inclusive and resilient global development that is beneficial to all.
He stressed the importance of building an open world economy, maintaining a stable and smooth global supply chain and upholding the principle of common but differentiated responsibilities, seeking solutions to meet the need of developing countries for climate finance, and facilitating the realization of the UN's 2030 Agenda for Sustainable Development as scheduled.
Liu noted that the G20 should promote multi-channel mobilization for development financing. He called for an objective analysis of the causes of debt problems in vulnerable countries.
He stated that development is the fundamental solution to debt issues, underlining efforts to get multilateral creditors participate in debt treatment in line with the principle of "joint action and fair burden-sharing", with a view to address debt issues in an effective, systematic and comprehensive manner.
He also called for innovative financing for infrastructure development to increase the source and scale of funding in real terms. Multilateral development banks should always adhere to their core mandate of poverty reduction and development, mobilize new and additional concessional resources, consider capital increase in due time, and enhance their own financial capacities in a bid to better assist developing countries in responding to short-term crises and achieving sustainable development.
China will adopt pragmatic and open approach towards the two-pillar international tax package to respond to the tax challenges in the context of economic digitalization, the minister said.
China will also support the efforts of the international community in enhancing tax transparency and will promote the development of a modern, fair and sustainable international tax system, Liu added.
On the sidelines of the meeting, Liu had meetings respectively with Deputy Prime Minister and Minister of Economy and Finance of South Korea Choo Kyung-ho, Finance Minister of India Nirmala Sitharaman, Treasurer of Australia Jim Chalmers, Finance Minister of Nepal Ram S. Mahat, President of the World Bank Ajay Banga, and Managing Director of the International Monetary Fund Kristalina Georgieva.