2016 Chengdu Finance Commitments

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The 2016 Chengdu Finance Ministerial Commitments

Identified by Sarah Scott
July 24, 2016
Total commitments = 29

[2016-1.]	In light of recent developments, we reiterate our determination to use all policy tools – monetary, fiscal and structural – individually and collectively to achieve our goal of strong, sustainable, balanced and inclusive growth.
[2016-2.]	Monetary policy will continue to support economic activity and ensure price stability, consistent with central banks' mandates, but monetary policy alone cannot lead to balanced growth.
[2016-3.]	Furthermore, we will continue to explore policy options, tailored to country circumstances, that the G20 countries may undertake as necessary to support growth and respond to potential risks including balance sheet vulnerability.
[2016-4.]	We will consult closely on exchange markets. We reaffirm our previous exchange rate commitments, including that we will refrain from competitive devaluations and we will not target our exchange rates for competitive purposes.
[2016-5.]	We will resist all forms of protectionism.
[2016-6.]	We will carefully calibrate and clearly communicate our macroeconomic and structural policy actions to reduce policy uncertainty, minimize negative spillovers and promote transparency.
[2016-7.]	Based on the nine priority areas of structural reforms agreed in April, we have developed and agreed upon a set of guiding principles, which will provide high-level and useful guidance to members, while allowing them to account for their specific national circumstances.
[2016-8.]	We have also agreed upon a set of indicators which will be further enhanced over time to help monitor and assess our efforts and progress with structural reforms and challenges.
[2016-9.]	We are committed to implementing and improving over time the Enhanced Structural Reform Agenda, and call on the IOs to provide continuous support.
[2016-10.]	We underscore the role of open trade policies and a strong and secure global trading system in promoting inclusive global economic growth, and we will make further efforts to revitalize global trade and lift investment.
[2016-11.]	We will also strive to reduce excessive imbalances and promote greater inclusiveness in our pursuit of economic growth.
[2016-12.]	We commit to enhance communication and cooperation, and take effective steps to address the challenges so as to enhance market function and encourage adjustment.
[2016-13.]	The G20 steelmaking economies will participate in the global community's actions to address global excess capacity, including by participating in the OECD Steel Committee meeting scheduled for September 8-9, 2016 and discussing the feasibility of forming a Global Forum as a cooperative platform for dialogue and information sharing on global capacity developments and on policies and support measures taken by governments.
[2016-14.]	To support our common growth objectives and the 2030 Agenda for Sustainable Development, we reaffirm our commitment to promote investment with focus on infrastructure in terms of both quantity and quality.
[2016-15.]	We launch the Global Infrastructure Connectivity Alliance to enhance the synergy and cooperation among various infrastructure connectivity programs in a holistic way.
[2016-16.]	We endorse the recommendations towards further strengthening the international financial architecture (IFA) developed by the IFA Working Group. Building on the ongoing work by relevant IOs, we will continue to improve the analysis and monitoring of capital flows and management of risks stemming from excessive capital flow volatility.
[2016-17.]	We reaffirm that any realignment under the 15th review in quota shares is expected to result in increased shares for dynamic economies in line with their relative positions in the world economy, and hence likely in the share of emerging market and developing countries as a whole.
[2016-18.]	We will extend the IFA Working Group's mandate into 2017.
[2016-19.]	To this end, we remain committed to finalizing remaining critical elements of the regulatory framework and the timely, full and consistent implementation of the agreed financial reforms, including Basel III and the total-loss-absorbing-capacity (TLAC) standard as well as effective cross-border resolution regimes.
[2016-20.]	We will continue to enhance the monitoring of implementation and effects of reforms to ensure their consistency with our overall objectives, including by addressing any material unintended consequences.
[2016-21.]	We will continue to address the issue of systemic risk within the insurance sector
[2016-22.]	We continue to closely monitor, and if necessary, address emerging risks and vulnerabilities in the financial system, including those associated with shadow banking, asset management and other market-based finance.
[2016-23.]	[We ask the OECD to report back to us by June 2017 on the progress made by jurisdictions on tax transparency, and on how the Global Forum will manage the country review process in response to supplementary review requests of countries, with a view for the OECD to prepare a list by the July 2017 G20 Leaders' Summit of those jurisdictions that have not yet sufficiently progressed toward a satisfactory level of implementation of the agreed international standards on tax transparency.] Defensive measures will be considered against listed jurisdictions.
[2016-24.]	We reaffirm our solidarity and resolve in the fight against terrorism in all its forms and wherever it occurs.
[2016-25.]	We will tackle all sources, techniques and channels of terrorist financing.
[2016-26.]	We will continue working on climate finance in 2017 under the working arrangement of next year's G20 Presidency, in consultation with other members, with the objective to contribute to the discussions held under the United Nations Framework Convention on Climate Change (UNFCCC) and by building on G20 fora expertise and knowledge and experiences sharing.
[2016-27.]	We reaffirm our commitment to rationalize and phase out inefficient fossil fuel subsidies that encourage wasteful consumption, over the medium term, recognizing the need to support the poor.
Issues for further action
[2016-28.]	We will continue working on climate finance in 2017 under the working arrangement of next year's G20 Presidency, in consultation with other members, with the objective to contribute to the discussions held under the United Nations Framework Convention on Climate Change (UNFCCC) in accordance with the principles, provisions and objectives of the UNFCCC and by building on G20 fora expertise and knowledge and experiences sharing.
[2016-29.]	We will support the ongoing G20 work on Antimicrobial Resistance (AMR) under the working arrangement of next year's G20 Presidency to explore measures to address the potential market failure.

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Issues for further action