China begins in the ministerial meeting of G20 finance – Teletrece

finance ministers and governors twenty central banks of major developed and emerging economies in the world (G20) launched today (07/23/2016) a two-day meeting in the city of Chengdu (central China).

This meeting will focus on the effects for the international economy out of the United Kingdom of the European Union (EU) , although it is also expected that other issues are addressed, as the coup in Turkey, the fight against terrorist financing or restrictions on international trade.

the managing director of International Monetary Fund (IMF), Christine Lagarde, secretary General of the Organisation for Economic Co-operation and Development (OECD), Angel Gurria, secretary US Treasury, Jack Lew, and Minister of Finance of China, Lou Jiwei, among others, participate in the forum.

the day began in Chengdu with a symposium on fiscal policy, in which they discussed the use of these measures as a stimulus for economic growth and innovation and as a tool for achieving social equality .

“social stability is also an engine for investment and innovation and that requires that any society accept our tax system,” said Finance Minister German Wolfgang Schäuble before meeting with their counterparts in the G20. Schäuble urged the economies of the G20 countries to develop a transparent tax law that allows correct social imbalances and encourage investment.

“A high degree of confidence in taxes builds confidence and encourages investment, “ added the minister, who believes that fiscal rules should be more flexible and can be adapted to digitization. Otherwise, he warned, there may be distortions between traditional economy and digital.

Also, the United States Secretary of the Treasury, Jack Lew, spoke in favor of dispelling any uncertainty about the tax system. Not about having only one tax rules, he said.

The appointment of Chengdu is the last ministerial level G20 before the summit to be held on 4 and 5 September in the eastern Chinese city of Hangzhou, and will serve as preparation for the meeting of leaders. Alongside multilateral discussions, the International Convention Center Chengdu hosts this weekend an intense series of bilateral meetings among those attending the G20.

The ministerial meeting Finance will conclude tomorrow, Sunday, with the publication of a final declaration adopted by the participants.