Yi Gang: China's overall moderate inflation monetary policy will be flexible, accurate, reasonable and moderate.

On October 13, 2021, Italy, chair of the Group of 20 (G20), hosted a meeting of G20 finance ministers and central bank governors in Washington, USA. A communiqu é was issued after the meeting to discuss the global economic and health situation, support for low-income countries to cope with the impact of the epidemic, sustainable finance, cross-border payments, and international taxation. Yi Gang, governor of the people's Bank of China, attended the meeting and spoke by video link. The meeting held that the global economy continues to recover, but the recovery momentum is clearly divided, and the downside risks related to the novel coronavirus epidemic are prominent. The parties reaffirmed that they would adopt all policy tools to deal with the impact of the epidemic and agreed to continue to support economic recovery and avoid premature withdrawal of supportive policy measures on the basis of maintaining financial stability, maintaining long-term fiscal sustainability and preventing spillover effects.

Yi Gang, governor of the people's Bank of China, attended the meeting of G-20 finance ministers and central bank governors online.

On October 13, 2021, Italy, chair of the Group of 20 (G20), hosted a meeting of G20 finance ministers and central bank governors in Washington, USA. A communiqu é was issued after the meeting to discuss the global economic and health situation, support for low-income countries to cope with the impact of the epidemic, sustainable finance, cross-border payments, and international taxation. Yi Gang, governor of the people's Bank of China, attended the meeting and spoke by video link, accompanied by Vice Governor Chen Yulu.

The meeting held that the global economy continues to recover, but the recovery momentum is clearly divided, and the downside risks related to the novel coronavirus epidemic are prominent. The parties reaffirmed that they would adopt all policy tools to deal with the impact of the epidemic and agreed to continue to support economic recovery and avoid premature withdrawal of supportive policy measures on the basis of maintaining financial stability, maintaining long-term fiscal sustainability and preventing spillover effects.

Noting the importance of sustainable finance in promoting green transformation, the meeting approved the G20 Roadmap for Sustainable Finance and the G20 Comprehensive report on Sustainable Finance, which were jointly drafted by the people's Bank of China and the U.S. Treasury. It is considered that in the future, elements such as biodiversity can be included in the "road map" on the basis of consensus. All parties agreed to coordinate in tackling climate change and environmental protection, affirmed the urgency and importance of protecting biodiversity, and called on all working mechanisms of the G20 to work together to promote low-carbon economic transformation.

The meeting reaffirmed its continued support for low-income countries to respond to the impact of the epidemic. The parties welcomed the completion of the universal issuance of the $650 billion equivalent SDR (SDR) by (IMF) of the International Monetary Fund, affirmed the progress made by IMF in developing a voluntary lending programme for SDR, and supported the expansion of the existing poverty alleviation fund of IMF with SDR and the establishment of additional funds to provide support to relevant countries. The parties welcomed the progress made in the implementation of the G20 debt Relief Initiative and the Common Framework for debt disposal, and indicated that the Common Framework for debt disposal would be further implemented in a timely and coordinated manner. It was stressed that other official bilateral and commercial creditors should participate in a comparable manner. The meeting reaffirmed its support for a strong, share-based and well-resourced global financial safety net centered on a strong, share-based and well-resourced IMF to promote the 16th general review of IMF shares.

The meeting agreed that financial stability should be maintained while ensuring that the financial system supports economic recovery. The meeting considered that the risk resilience of non-bank financial intermediaries should be strengthened, continued to implement the road map for improving cross-border payments, stressed that the operation of global stable currencies should be subject to compliance with all relevant legal and regulatory requirements, and encouraged relevant international institutions to continue to study the role of central bank digital currency in improving cross-border payments and its impact on the international monetary system.

Yi Gang introduced China's recent economic and financial situation, saying that China's inflation is generally moderate, and a prudent monetary policy will be flexible, accurate, reasonable and moderate to support high-quality economic development. I would like to thank Italy and other G20 parties for their support for the development of the G20 Sustainable Finance Roadmap, saying that the people's Bank of China, as the co-chair of the G20 working Group on Sustainable Finance, will work with all parties to implement the roadmap.