China's Finance Ministry calls for better macroeconomic coordination

G20 finance ministers and central bank governors meeting in Jakarta, capital of Indonesia, 18 February 2022. (Photo: CFP)

China has called for strengthening global cooperation in coordinating macro policies, as part of the efforts to propel common development, according to the Ministry of Finance.

"Major developed countries should adopt responsible macroeconomic policies and appropriately control the spillover effects," Finance Minister Liu Kun said during the meeting of G20 finance ministers and central bank governors via video link recently.

Highlighting the importance of fighting against the COVID-19 pandemic, Liu said that China is ready to work with other parties to advance the reform of the health governance system under the framework of the World Health Organization.

Liu also noted that China is the biggest contributor among the Group of 20 (G20) members to the success of the Debt Service Suspension Initiative for the poorest countries.

China calls on all parties to follow the existing G20 consensus, respect the independent decisions of debtor countries and promote steady progress of relevant work in a practical manner, said Liu.

Multilateral creditors, like the World Bank, should participate in debt mitigation actions in a substantive way, providing support for low-income countries, said Liu.