G20 members commit actions for sustained economic growth

Finance ministers and central bank governors from the group of 20 (G20) on Sunday adopted a reform agenda and promised concrete policy measures for achieving sustained economic growth.

In the document, which accompanied the communique issued at theend of the weekend forum, the United States expressed determination to reduce its public budget deficit, reform health insurance and the pension system and raise private saving.

European Union (EU) countries were committed to further reforming labour markets, to consolidating public finances and pension systems, to enhancing innovation and to completing the single market.

Japan will continue its reform agenda, including measures to promote further reform of the financial system, such as reduction of non-performing loans, to foster privatization and regulatory reforms.

Latin American members will continue with broad-based structural reforms and prudent fiscal policies.

In south and Southeast Asia, an overarching goal was to improve the climate for investment, in particular through regulatory reform, according to the accord.

The ministers promised to review the progress at their next meeting in Beijing next year.

Meanwhile, all G20 members remain committed to strengthening the framework for the global economy. They encourage trade ministers to work together in good faith to enable the WTO (world trade organization) negotiations to succeed as quickly as possible.

The G20, founded in Berlin in 1999, comprises large industrialized nations and the main emerging economies such as China, Brazil and India.

Source: Xinhua