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aderfp633 · Inscrit le: 27 Sep 2011 Messages: 7915 Localisation: England

Zhou Xiaochuan: the development of the bond market to resolve the problem of maturity mismatch
7 19-20, the Group of Twenty (G20) finance ministers and central bank governors will be held in Moscow, Russia. Meeting focused on the global economic situation, "strong, sustainable and balanced growth framework" international financial architecture reform, investment and financing, financial regulation, international tax cooperation, energy and commodities and other issues were discussed. G20 presidency 西卢阿诺夫 Russian Finance Minister presided over the meeting. Chinese People Bank Governor Zhou Xiaochuan and Finance Minister Lou Jiwei, attended the meeting.
meeting that the global economic growth remains sluggish, recovery is not yet solid,motorcycle brake levers, the major economic imbalance between the recovery progress, unemployment remains high in many countries. Recent volatility in international financial markets increased, the financial situation is still not optimistic. The meeting stressed, G20 member countries should continue to take effective measures to promote growth and create jobs, to further promote global economic rebalancing internal balance and national economies, while continuing to implement structural reforms to improve productivity and labor participation rate and increase employment.

meeting noted that developed countries need to ensure fiscal sustainability and in accordance with the commitments submitted to the G20 summit in St. Petersburg Country credible medium-term fiscal strategy, the debt accounted GDP weight down to a sustainable level, while maintaining sufficient financial flexibility in order to support economic growth and employment. States should be wary of the long-term implementation of quantitative easing monetary policy risks and negative impacts on the adjustment of monetary policy should be carefully weighed the pros and cons and to enhance communication. The Conference reaffirms G20 IMF will agree on a new quota formula, and in January 2014 completed before the 15th General Review of Quotas. Meeting stressed the need to promote the settlement of the tax base erosion, transfer of profits and tax avoidance, and promote automatic exchange of tax information. The meeting also agreed to further promote financial sector reforms to improve the transparency of commodity markets, in order to avoid excessive fluctuations in commodity prices, and to promote investment in energy infrastructure.
Zhou Xiaochuan in discussing long-term investment and financing issues, stressed that one should pay attention to the supply of long-term funding problems. Many countries need to increase the savings rate, as long-term investments to provide adequate long-term funding sources. G20 in 2010 to correct global imbalances, the "Reference Guide" and, it will increase the savings rate, fiscal consolidation and other measures to improve the savings rate in some countries as an important content, worthy of all parties concerned. Second, we must effectively address the financial markets through capital supply and demand maturity mismatch problem. Currently subject to financial regulation and other factors, the financial market is more liquidity, profitability, flexibility is good short-term financial instruments, in order to attract long-term funding to participate in short-term financing. Therefore, measures should be taken through the development of bond markets to provide investors with more long-term financial instruments and appropriate incentives to encourage long-term investment risk of its commitment to resolve the maturity mismatch problem. Third, we must improve the multilateral development institutions borrowing capacity. Part of existing multilateral development institutions subject to capital shortage in the current voting arrangements difficult to achieve capital increase, there is still some room for debt financing has not fully utilized, which are limiting their borrowing capacity, with room for further improvement. Fourth, we need a rational view, properly handle the long-term investment protection with relationships. China in recent years, participation in international infrastructure investment, while also strengthening the discussion and analysis of the environmental impact of any large-scale investment projects are long-term environmental impacts will inevitably encounter problems, relevant international organizations can serve as an independent third party This rational assessment and analysis, for the parties to promote infrastructure construction and environmental protection mutual understanding of the relationship.
Lou Jiwei said in his speech, China's economic growth of 7.6% in the first half of the year expected economic growth target is 7.5%. Although growth has slowed, but the employment situation is good. 732 million new urban jobs in the first half, an increase of 38 million over last year, mainly due to rapid growth in service sector employment. Data show that the service sector investment and consumption is growing rapidly. Meanwhile, in the first half of net exports to economic growth was 0.9%, indicating that China's economic growth mainly rely on domestic demand, positive changes in the economic structure. The Chinese government will continue to promote economic growth through reform and structural adjustment. One is to reduce government regulation. In recent months, the Chinese government has canceled 165 in two tranches subject to approval, will launch the third installment. The second is to continue to promote the reform of business tax reform VAT. The Chinese government will pass two years, all of the services to VAT, sales tax, although to a certain extent, reduce revenue , but will promote the rapid development of service industry . In this process, the Chinese government will strive to achieve fiscal balance. China's tax cuts this year and will also cut spending, the central government has decided to various departments of general expenses cut by 5 percent, and no exceptions. While maintaining a stable fiscal policy, the Chinese government will be achieved through reform fiscal sustainability, the deficit ratio is expected to be 2.1%. The Chinese government does not like the 2008 re-launched the massive economic stimulus policy, but through reforms to promote structural adjustment, urbanization, better play the role of endogenous market, promote growth and employment. We will pay close attention to global economic trends.
(Original title: Group of Twenty Finance Ministers and Central Bank Governors will be held in Moscow)
(Editor: DF083)

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