Japan Finance Minister Expects G20 to Discuss Global Economic Recovery

By Staff Writer

Feb 24, 2016 07:23 AM EST

As G20 finance minister meeting will be held starting this Friday in Shanghai, Japan Finance Minister Taro Aso stated his expectation, He wished that G20 will discuss ways to move economy amidst global market fluctuation.

Speaking to after cabinet meeting on Tuesday, as Reuters reported, minister Aso told reporter, "We want to consider ways to firmly respond to the global economic situation, which has been the factor behind market fluctuations."

In the meeting, according to NDTV, member of G20 is scheduled to also discuss structural problems in China. Such problems to address are excess capacity and excess credit, U.S. monetary policy and its communication with the market, and oil price declines

Group of twenties, or G20 is an international forum consist of government and central banks from 19 individual countries and one countries union, the European Union. The group was a continuing effort by initiatives to increase coordination between coutntries in the world's economic policy.

G20 was established in 1999 after an inaugural meeting in Berlin, to supersede G33, which was founded as a successor of Asia Pacific Economic Cooperation (APEC) forum. The forum, called G22 was created following the APEC 1997 meeting in Vancouver to increase cooperation between global economies to reform the global financial system.

Since its early days, the G20 aimed to increase multilateral cooperation in the world's finance. Therefore, minister Aso's expectation is a reminder for G20 to increase cooperation between its members in financial sectors.

The Shanghai's meeting will the 18th finance ministers meeting held by G20. This meeting is held annually and last year's was held in Istanbul, Turkey. This year's two-day meeting will be held at the Shanghai Grand Hyatt Hotel.

As finance ministers from the group will attend the meeting, discussion forum is also scheduled which will be attended by government and private-sector leaders in the international financial community. Key agenda topics to be discussed in the forum are global economy and world trade, capital flows, infrastructure investment; sovereign debt restructuring, and sustainable finance.

United States, as one of the member also mentioned its expectation in the meeting. As U.S. has growing conern about global economy, it will press G20 powers to boost their economies. Treasury Secretary Jacob Lew will represent Washington in the meeting and will press the group to stick to its reform plans.

One U.S officials told Channel News Asia, "Globally there remains a shortage of aggregate demand." The treasury official which insisted to speak on anonymity also added, "We think the global economy can do much better."

The 18th finance ministers meeting of G20 will be held starting Friday in Shanghai. Japan Finance Minister Taro Aso has voiced his expectation regarding the meeting to move the global economy. His U.S. counterparts, the U.S. Treasury Secretary Jacob Lew has also similar concern.

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