China's growth contributes to global prosperity

China's Finance Minister Xie Xuren (L) and Governor of the People's Bank of China Zhou Xiaochuan attend the meeting of finance ministers and central bank governors of Group 20 at Moscow, Feb 16. [Photo / Xinhua]

MOSCOW -- China's sustainable development has contributed to the global recovery and growth, high ranking Chinese officials said Saturday.

Attending the meeting of finance ministers and central bank governors of the Group of 20, Finance Minister Xie Xuren and Governor of the People's Bank of China Zhou Xiaochuan outlined key points of the Chinese government's economic policies.

China will keep implementing positive fiscal policy and prudent monetary policy this year, Xie said during the meeting.

The Chinese government will strive to improve the quality and efficiency of its economic growth, expand domestic demand and strengthen efforts to reshape economic structure, said the official.

Meanwhile, the government will safeguard and improve people's well-being, boost domestic sources of growth so as to achieve sound and sustainable development, said the senior official.

Enhancing recovery, growth and employment should remain priorities for G20 policy makers, Xie said, urging all members to take feasible macro-economic polices and speed up structural reforms.

G20 members should fight against all forms of protectionism, ensure open and free trade investment environment, Xie added.

Developed countries should properly handle the relations between fiscal austerity and economic recovery, reduce the spillover effect of loose monetary polices, Xie said.

Zhou said China's economic restructuring and domestic demand expansion policy has yielded fruits and contributed to the global rebalancing.

Zhou called for G20 members to study the deep roots of different deposit levels among various countries and seek for efficient ways of saving-investment conversion.

Meanwhile, he urged relevant countries to make further steps to implement the International Monetary Fund quota and governing reforms and ensure the 15th general quota supervision to be completed in time.

Zhou expressed hopes that the IMF could effectively implement and supervise the new decisions and strengthen supervision on the spillover effect of certain country's fiscal and monetary policies.

During the two-day meeting, finance officials from the G20 members discussed major economic challenges facing the world and possible solutions.

Participants issued a joint communique following the closed-door meeting, pledging to reduce global imbalances and continue structural reforms so as to achieve strong, sustainable and balanced growth.