China calls for G20 members to work together to bolster global growth

China has called on members of the Group of 20 to uphold free trade, promote economic globalization that is universally beneficial and inclusive, and create a favorable policy environment for international trade and capital flows, according to the Ministry of Finance.

"With the global economy facing multiple challenges, the G20 should further practice true multilateralism, strengthen macroeconomic policy coordination and work toward stronger global growth," Vice-Minister of Finance Liao Min said at the second G20 Finance Ministers and Central Bank Governors Meeting of the year.

The two-day meeting, held in Asheville, North Carolina, from Aug 31 to Sept 1, focused on the global macroeconomic situation, global growth, global imbalances, sovereign debt and financial literacy among other topics.

As artificial intelligence reshapes the way economies grow, countries should pursue win-win cooperation, bridge the digital and intelligence divide and advance sustainable development, Liao said.

He also called for a comprehensive, objective and balanced view of global imbalances, saying development remained the fundamental solution to the debt problems facing developing countries.

Liao said China's economy continued to improve, with innovation and higher-quality development gathering pace.

Policy priorities for the 15th Five-Year Plan period (2026-30) include expanding domestic demand, investing in people and advancing innovation-driven development, while giving businesses of all ownership types more room to thrive, he said.

"China's high-quality development will continue to inject fresh impetus into global growth and create new opportunities for the world," Liao said.

On the sidelines, Liao held talks with representatives from G20 members and guest countries, as well as officials from the World Bank Group and the International Monetary Fund.

The discussions covered macroeconomic developments, cooperation under the G20 Finance Track and bilateral fiscal and financial cooperation, the ministry said.