Photo taken on Nov. 20, 2020 shows the logo of Group of Twenty (G20) being projected at a historic site in Diriyah, on the outskirts of Riyadh, Saudi Arabia. The 2020 G20 Summit will be held virtually on Nov. 21 - 22, chaired by Saudi King Salman bin Abdulaziz Al Saud. (Xinhua/Tu Yifan)

China will continue to implement active fiscal policies and stable monetary policies to maintain necessary support to the economic recovery, Chinese Finance Minister Liu Kun said during a video conference of G20 finance ministers and central bank governors.

Liu's words are reassuring the market that China would not largely tighten monetary policies, which the market investors have worried about a lot following central bank's moves to mop up liquidity in recent days. The stock market also witnessed a recent slump.

According to Liu, the world economy is gradually recovering, but in an imbalanced and uncertain fashion. Facing the situation, the world should strengthen macroeconomics policy coordination and avoid withdrawal from economic supportive measures too early.

He also suggested that countries should increase international pandemic-fighting cooperation, making COVID-19 vaccines global public products. To do that, multilateral development banks should adjust their current vaccine purchasing criteria to give more support to developing countries.

The video conference, which was held on February 26, covered a number of issues such as world economic situation, economy transition and recovery. It was agreed on the meeting that support should be given to most vulnerable countries to deal with pandemic challenges, and that countries should make a global proposal in 2021 on coping with tax challenges in a digitalized economy.

Global Times