Top Biz News

Finance minister meets G8 counterparts

(Xinhua)
Updated: 2006-06-11 08:44

Finance ministers from China and five other countries discussed global economic prospects and public finance management on Saturday with financial chiefs of the Group of Eight (G8) leading industrialized nations.

Chinese Finance Minister Jin Renqing was joined by top finance officials from India, Brazil, Australia, South Korea and Nigeria at the discussion with G8 finance ministers, who are here for a two-day meeting.

Speaking at the G8 plus six meeting, Jin said prospects for global economic growth remain good but high energy prices, rising interest rates, increasing volatility on international financial markets and growing trade protectionism constitute risks to growth.

On public finance management, the Chinese minister said the world community and international financial institutions should support developing countries' efforts to improve their public finance management, respect their choice of methods to manage public finance and help them create a management system that would improve the investment environment and promote economic growth.

Jin also briefed the finance officials on the measures China has taken in public finance management and its achievements.

Russia chairs the G8 presidency this year. At one of a series of meetings in the run-up to next month's G8 summit, G8 finance ministers opened their main session of discussion Saturday to debate, among other issues, global economic growth, the impact of high oil prices on global growth and energy security.