China Urges G-20 to Promote Growth, Solve European Debt Crisis

China urged the world’s biggest economies to work together to promote growth, resolve the European debt crisis and help lower oil prices.

China told officials of the Group of 20 nations meeting in Mexico City over the weekend that they “should continue to strengthen cooperation,” the Beijing-based Finance Ministry said in a statement on its website today. “The G-20 should make the promotion of financial market stability and economic recovery the priority.”

Finance ministers and central bankers from the G-20 said yesterday that any decision on outside help for Europe hinges on the euro area delivering more financial firepower within two months. A European review of its financial firewall against the crisis next month is “essential” before any consideration to “mobilize resources” for the International Monetary Fund, the G-20 said in a statement yesterday after the gathering.

China will do its part to boost resources for the IMF, Zhou Xiaochuan, Governor of the People’s Bank of China, told reporters in Mexico City at the end of the meeting.

Zhou said “the communiqué says it’s positive to push forward and deliver the action plan,” including increasing the IMF’s resources. “China as an important member of the G-20 group will certainly do our job in this regard,” he said.

To contact the reporter on this story: Ye Xie in Mexico City at yxie6@bloomberg.net

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net

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