on 13 november 2020, g20 finance ministers and central bank governors were hosted by saudi arabia, which holds the presidency of g20. the meeting approved the g20 common framework for debt relief initiative (hereinafter referred to as the common framework), discussed issues related to the g20 debt relief initiative for the poorest countries (hereinafter referred to as the debt relief initiative), and issued a statement to prepare for the financial outcomes of the g20 summit in riyadh. minister of finance liu kun attended the meeting and delivered a speech in the form of video, accompanied by vice minister zou jiayi.
given the scale of the covid-19 pandemic, the severe debt vulnerability of many low-income countries and the deteriorating economic outlook, the need for debt management beyond the g20 debt relief initiative was recognized, the meeting said. to this end, g20 members endorsed the common framework and will continue to work closely with the implementation of the debt relief initiative to provide maximum support to eligible countries.
liu kun said that in accordance with the important instructions of president xi jinping, china's bilateral official creditors have fully implemented the debt relief applications that meet the requirements of the debt relief initiative. as a commercial creditor, china development bank (cdb) actively responded to and participated in the debt relief initiative in accordance with the principle of voluntariness and market. among g20 members, china has implemented the largest amount of debt relief, making an important contribution to low-income countries' response to the challenge of the epidemic and their debt vulnerability. to help low-income countries cope with potential repayment difficulties and promote post-covid-19 economic recovery, china supports the approval of the common framework with the approval of the chinese government. the debt relief initiative and its subsequent debt disposal are the first time for china to participate in the multilateral debt coordination process and demonstrate china's firm commitment to multilateral cooperation and active participation in international debt actions. china is ready to work with other multilateral and bilateral creditors to implement the follow-up work in accordance with the principle of "joint action and fair burden".
liu stressed that the fifth plenary session of the 19th cpc central committee pointed out that during the 14th five-year plan period, china will continue to adhere to multilateralism and the principle of extensive consultation, joint contribution and shared benefits, actively participate in the reform of the global economic governance system and promote the building of an open world economy. china is ready to work with the international community to step up support for countries with a particularly severe epidemic and great pressure and to build a community with a shared future for mankind.
source: ministry of finance, prc