SHANGHAI (AP) – Finance officials of the world’s biggest economies promised Saturday to use “all tools” to shore up sagging global growth and to avoid devaluing their currencies to boost exports, but made no pledges of joint action.
Finance ministers and central bankers of the Group of 20 rich and developing countries tried to reassure jittery financial markets that the global economy is healthy, though they acknowledged in a statement that they “need to do more” to boost growth.
The declaration following a two-day meeting promised “growth-friendly” tax and spending policies. The governments pledged to press ahead with previously promised reforms aimed at making their economies more efficient and productive.
“We agreed to use all tools – monetary, fiscal and structural – to boost growth,” China’s finance minister, Lou Jiwei, said at a news conference.
What each country does will be dictated by its circumstances, Lou said. He said some can afford stimulus while others where debt is high have to move faster on structural economic reforms.