HANGZHOU - The Group of 20 (G20) members vowed to combine policy measures - monetary, fiscal and structural reform - to boost economic growth, China's Vice Finance Minister Zhu Guangyao said on Friday.
Speaking at a press conference ahead of the G20 summit in eastern Chinese city of Hangzhou, Zhu said the consensus, reached among G20 central bank governors and finance ministers, will be submitted to G20 leaders for review.
Zhu said monetary, fiscal policies and structural reform must be combined, as the effect of monetary easing, which played an important role in stimulating Western countries' economies, can not last while the use of fiscal stimulus is constrained by high debt levels in some countries.
Zhu said the G20 central bank governors and finance ministers also agreed to strengthen policy communication on the foreign exchange market.
He added that the industrial overcapacity problem, which was mainly caused by sluggish global demand amid slow economic recovery, is a global challenge requiring concerted action.
China, which is leading the world in industrial overcapacity reduction, is looking to use market principles to cut overcapacity, Zhu said.
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