The fourth meeting of G20 Finance Ministers and Central Bank Governors (FMCBG) was held in Marrakech, Morocco on 12-13 October 2023 during the International Monetary Fund Annual Meetings. The meeting focused on issues including promoting global economic recovery, improving the regulation of crypto assets and strengthening Multilateral Development Banks (MDBs). Pan Gongsheng, the Governor of the People’s Bank of China (PBC) and the Administrator of the State Administration of Foreign Exchange, delivered remarks in the meeting. Deputy Governor Xuan Changneng also attended the event.
The overall assessment of Ministers and Governors was that the global economic recovery momentum subdued with increasing uncertainties. The Ministers and Governors agreed to strengthen macroeconomic policy coordination and work together to promote growth and maintain macroeconomic and financial stability. Members agreed to implement the G20 Common Framework for Debt Treatments. The meeting endorsed the 2023 G20 Sustainable Finance Report and called for further efforts to advance the G20 Sustainable Finance Roadmap, including, among others, the implementation of the G20 Transition Finance Framework. The Ministers and Governors agreed to strengthen international coordination on crypto assets regulation, and encouraged MDBs to improve operating models and increasing financing capacities.
Governor Pan Gongsheng introduced China’s economic and financial developments, emphasizing that China’s economic recovery is gaining momentum as recent economic indicators continue to improve on the back of growing supportive factors, and the transition of economic growth model has seen positive progress. The PBC will implement a sound monetary policy in a targeted and effective manner to provide stronger support for the real economy. Governor Pan pointed out that the G20 should strengthen coordination and address the spillover effects of monetary policy adjustments in major advanced economies to emerging market economies and developing countries. He noted that, as co-chair of the G20 Sustainable Finance Working Group, the PBC will continue to advance sustainable finance with members.
