'Green Finance' to be new highlight in 2016 G20 Summit

Chinese finance officials to spearhead discussions on achieving balance among environmental protection, investment and financing through 'Green Finance' in Hangzhou's summit next month.

Representatives from the Chinese Finance Ministry and the People’s Bank of China have outlined their plans for the forthcoming G20 Summit in Hangzhou next month.

Noting the downward pressure which continues in the global economy, Chinese Deputy Finance Minister Zhu Guangyao says they anticipate issues related to global growth will dominate the discussions in Hangzhou.

He says this is something that has already been discussed among finance ministers and central bank governors from the various G20 countries during previous sessions in China.

“During the first G20 Finance Ministers and Central Bank Governors Meeting held this year in Shanghai, finance ministers and central bank governors unanimously agreed that monetary and fiscal policies and structural reform should be implemented in an integrated manner by individual G20 members and G20 as a whole. They will submit their propositions to the Summit.”

During the Hangzhou Summit, the first report on Green Finance will be ratified, clarifying the definition, objective, scope and the upcoming challenges.

Yi Gang, vice governor, People’s Bank of China

Zhu Guangyao also notes the most recent meeting among G20 finance and central bank chiefs last month in Chengdu also ratified a series of policy proposals covering structural reforms new guidelines.

He says that report will be delivered to the G20 Summit as well.

Chinese officials, briefing the media in Beijing on Monday, also say the concept of “Green Finance” will also be up for discussion in Hangzhou.

“Green Finance” refers to finding a balance among environmental protection, investment and financing.

Yi Gang, vice governor of the People’s Bank of China, says report covering “Green Finance” is also due to be delivered to the G20 Summit.

“This year, China first put forward the concept of ‘Green Finance’ and listed it on the G20 agenda. It also established the Green Finance Study Group. During the Hangzhou Summit, the first report on Green Finance will be ratified, clarifying the definition, objective, scope and the upcoming challenges.”

Finance ministers and central bank governors from the G20 nations have also reached agreements on a variety of other issues connected to the global economy, the broader design of international finance, investment, infrastructure and financial sector reform.

This year’s G20 sessions will take place in Hangzhou on September 4th and 5th.

This story was published with permission from China.org.cn.

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