On the evening of April 20, 2022, Indonesia, chairman of the Group of Twenty (G20), hosted the second meeting of G20 finance ministers and central bank governors in Washington, DC, online and offline. The meeting discussed the global economy, the international health architecture, the international financial architecture, sustainable finance and other issues. Yi Gang, governor of the people's Bank of China, attended the meeting and spoke by video link, accompanied by Vice Governor Chen Yulu.

The meeting held that the current global economy is facing a rebound in the epidemic, rising inflationary pressure, geographical tensions and other challenges, and the momentum of recovery is slowing down. Some members were concerned about the impact of the geopolitical situation on the supply and prices of energy, food, etc. Some members stressed that major developed economies should adjust and communicate safely when withdrawing from supportive policies so as to avoid negative spillover effects. It was agreed that the G20, as the main platform for global economic coordination, should maintain multilateral cooperation and take measures to deal with new risks facing the global economy while continuing to deal with impacts such as epidemics.

The parties reaffirmed their continued support for low-income countries to deal with the economic impact such as the epidemic. The meeting welcomed the establishment of the resilience and Sustainability Trust (RST) by the International Monetary Fund (IMF) using SDRs voluntarily lent by the countries concerned, and looked forward to the full operation of RST in October this year to provide long-term financial support to countries in need. All parties support the continued implementation of the common framework for debt disposal on a case-by-case basis in a timely, orderly and coordinated manner. The parties agreed to strengthen the global financial safety net centered on IMF and promote the completion of the 16th general inspection of IMF shares by December 15, 2023 as scheduled.

The meeting pointed out that the development of sustainable finance is of great significance in promoting green and inclusive economic recovery and achieving sustainable development. All parties affirmed the progress of the work of the G20 working Group on Sustainable Finance and look forward to continuing to promote key tasks such as the formulation of a transitional financial policy framework and the promotion of green financing for developing countries, and to implement the G20 Road Map for Sustainable Finance.

Yi Gang introduced China's economic and financial situation, saying that China's prudent monetary policy is flexible and moderate, its policy efforts are appropriately ahead, and the development of the real economy is supported. The people's Bank of China will flexibly use a variety of monetary policy tools, give full play to the dual functions of the total amount and structure of monetary policy tools, and increase support for the real economy. Yi Gang stressed that under the current situation, the G20 should focus on economic and financial policy coordination and jointly promote global economic recovery. The people's Bank of China will continue to take the lead in promoting the formulation of a transitional financial policy framework, promoting the implementation of the G20 Sustainable Financial Roadmap and promoting sustainable financial development. (end)