Business / Hangzhou G20

G20 leaders agree to further int'l financial institution reform

(Xinhua) Updated: 2016-09-05 23:00

HANGZHOU - Chinese President Xi Jinping said Monday that G20 leaders have agreed to continue international financial institutions' quota and voting right reform to better represent emerging-market and developing countries.

The leaders vowed to improve global economic and financial governance to enhance the risk resistance of the world economy, Xi told reporters after the conclusion of the G20 summit in the eastern city of Hangzhou.

The G20 leaders expected the International Monetary Fund to ensure the next round of quota reform goes according to schedule, Xi said.

They also expect the World Bank to undertake its share-holding review to ensure equal voting power according to an agreed roadmap and schedule, Xi said.

The leaders have agreed on a joint drill of risk response to test the international and regional financial safety net, he said.

To boost cross-border investment and the world economy, Xi noted that leaders of the 20 major economies pledged to deepen cooperation on tax matters and combat tax evasion.

He confirmed that China will establish an international tax policy research center.

With the theme of "Toward an Innovative, Invigorated, Interconnected and Inclusive World Economy," the two-day summit concluded with extensive consensus.

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