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A two-day meeting of Group of 20 finance ministers and central bankers has wrapped up in Australia,...
with member countries embracing goals to foster global economic growth.
Kim Min-ji reports. Financial leaders of the world's 20 largest
economies on Sunday vowed to take "concrete actions" to boost global growth,... by increasing
investment and employment. The vision was agreed upon at the Group of
20 meeting in Sydney during the weekend. A communique said the countries would "develop
ambitious but realistic policies" that would stimulate job creation.
The finance chiefs and central bankers embraced a goal of boosting the gross domestic product
of the countries by at least two percent above the current expected levels, over the next
five years. This translates into generating two trillion
U.S. dollars in economic activity,... which in turn is expected to create tens of millions
of new jobs. Another agenda high on the list was the need
for tighter regulations on cross-border taxation. The officials agreed to intensify cooperation
to tackle offshore tax evasion,... and drafted a series of standards for sharing information
across borders. Starting next year,... an automatic exchange
of banking information will take effect among the G20 members.
Australian Treasurer Joe Hockey -- the host of the meeting -- said the new standards would
enhance transparency and reduce tax evasion opportunities.
Another key concern at the meeting was the shock being felt by emerging economies from
the U.S. Federal Reserve's tapering of its stimulus program,... leading to a capital
flight from vulnerable economies. The communique said all central banks "maintain
their commitment that monetary policy settings will continue to be carefully calibrated and
clearly communicated." The officials also called for better communication
and more transparency on policies that affect international markets.
Each country will now bring their own detailed growth strategy to the G20 Brisbane summit
in November. The G20,... which accounts for 85 percent
of the global economy,... consists of major economies, such as the U.S.,... as well as
emerging economies,... including China and India.
Kim Min-ji, Arirang News.