Photo: Ministry of Finance of China

Chinese vice minister of finance Liao Min called on all parties to uphold multilateralism and free trade at the Group of Twenty (G20) Finance Ministers and Central Bank Governors meeting in Durban, South Africa, which concluded on Friday with a signed joint communique, according to a statement on the official website of China's Ministry of Finance (MOF).

Liao emphasized that all parties should respect the laws of economic development, embrace inclusive and beneficial economic globalization, promote greater stability in the complex global economic system, and support the recovery and growth of the world economy.

Liao called for actively advancing reforms of multilateral development banks and making progress in the World Bank's 2025 shareholding review.

Liao also highlighted the need to improve the efficiency of debt financing and address liquidity challenges faced by some countries through structural reforms and the mobilization of resources from multiple channels.

Regarding China's macroeconomic situation, Liao noted that China's internal and external economic balance remains sound, and the country will implement a more proactive fiscal policy and expand high-level opening-up in the second half of the year, according to the MOF statement.

The meeting covered a broad range of topics, including global macroeconomic conditions, the international financial architecture, infrastructure, international taxation, growth and development in Africa, sustainable finance, and the financial sector.

Global Times