Multilateral financial cooperation urged to drive growth

Multilateral financial cooperation is of greater importance now to address pressing challenges, such as climate change, and to drive growth amid the various complexities and uncertainties facing the global economy, said officials and industry experts.

During the second G20 Finance Ministers and Central Bank Governors Meeting held in April, ministers and governors supported reinforcing the financing capacity of multilateral development banks, and called for measures to maintain the stability of international capital flows and help fragile economies to recover.

Pan Gongsheng, governor of the People's Bank of China, the country's central bank, said at the April meeting that a more open and inclusive multilateral trading system will enable more stable capital flows to emerging and developing economies.