G20 china_web

Spotlight on China
national infrastructure connectivity programmes
and mechanisms. In addition, we have made good
progress on encouraging private-sector investment
and diversifying financial instruments.
International tax cooperation has yielded
substantial results. The G20 established the Inclusive
Framework on Base Erosion and Profit Shifting
(BEPS), under which we set up a governance
body and developed a preliminary working road
map. We endorsed objective criteria in identifying
non-cooperative jurisdictions with respect to tax
transparency and we encourage countries that have
not yet signed the Multilateral Convention on Mutual
Administrative Assistance for Tax Matters to do so. We
also made efforts in supporting developing countries
to strengthen tax capacity building. China will make
its own contribution by establishing an International
Tax Policy Research Centre. Furthermore, the G20
agreed to enhance the role of tax policy in promoting
inclusive growth.
We took new measures to strengthen the
international financial architecture. This year
the G20 reactivated the International Financial
Architecture Working Group and made a number
of recommendations through extensive work in
enhancing the role of the Special Drawing Right,
improving the process of sovereign debt restructuring,
strengthening the global financial safety net,
promoting the International Monetary Fund’s
quota and governance reform, and improving
the monitoring and management of capital flows.
The G20 Finance Track
has made positive progress
in 2016 in financial
sector reform
These recommendations help set the direction
for our next move towards further strengthening
the international financial architecture as well as
promoting international monetary system reform.
Confidence and commitment
In addition, the G20 Finance Track has also made
positive progress in 2016 in financial sector reform,
green finance, climate finance and anti-terrorist
financing, and has achieved relevant outcomes.
As endorsed by the G20 finance ministers and
central bank governors in Chengdu in July, the
above-mentioned outcomes will be delivered for
our leaders’ review at their Hangzhou meeting. The
outcomes reflect members’ wisdom and consensus in
the finance track, demonstrating the G20’s confidence
and commitment to addressing new challenges in
the spirit of cooperation and solidarity. The fruitful
deliverables will not only contribute to a successful
Hangzhou Summit, but will also inject new impetus
into the collaboration of G20 members, hence
promoting an innovative, invigorated, interconnected
and inclusive global economy. G20
G7G20.com September 2016 • G20 China: The Hangzhou Summit 61