G-20 cites need to address global risks amid China slowdown

Finance chiefs from the Group of 20 industrialized countries recognized Thursday the need to contain downside risks facing the global economy amid China’s slowdown by enhancing domestic demand and expanding employment.

The finance ministers and central bankers of Japan, China and South Korea, in a meeting prior to the G-20 gathering in Lima, recognized that global growth has fallen short of expectations and vowed to carry out structural reforms for sustainable growth.

Japanese Finance Minister Taro Aso told reporters that he urged China to proceed with structural reforms in a bilateral meeting with Chinese Finance Minister Lou Jiwei. PNA/Kyodo