- Bloomberg writes China pulled off a defensive win at the Shanghai Group of 20meeting of global finance leaders after months of angst abroad over its economic and policy direction. For starters, there was no specific concern over China in the communique released late Saturday. Indeed, the G-20 said that "growth in key emerging market economies remains strong." Though concerns about China's yuan policy have roiled markets repeatedly since an August devaluation, the statement had only generic reference to refraining from competitive devaluations. China won support for its goals for the G-20 meeting, such as examining broader use of the International Monetary Fund's reserve-currency unit -- to which the yuan will be added this year. A green finance study group has also been established after strong backing from China, which is looking for ways to clean up its polluted rivers and smoggy skies.
Bloomberg says that Chinese officials' success in calming global fears over their policies and growth trajectory still leaves hard work ahead, as focus shifts to the national legislature's annual gathering.Weeks after world markets were roiled by a plunge in Chinese stocks and unexpected currency moves, policy makers hosted top global finance officials in Shanghai without complaints from their counterparts. U.S. Treasury Secretary Jacob J. Lew said after the gathering China communicated its policies well, and International Monetary Fund Managing Director Christine Lagarde said officials expressed no intention to devalue the yuan.How long the good vibes last will depend on how well Premier Li Keqiang and other key officials address concerns about the economy. There's little sign its slowdown has bottomed, and while consumption continues to help cushion a contraction in much of the industrial sector, areas of strength haven't been sufficient to stop record capital outflows.
Bloomberg writes: "Here's the latest sign of China's growing prowess on the world stage: discussions are under way to grant the world's largest developing economy membership to the Paris Club, a group of creditors that specializes in loans to governments. China, along with Brazil and South Korea, are being considered for entry into the lending club, according to ministers and officials from the Group of 20 economies who were in Shanghai for meetings. Japan's Finance Minister Taro Aso voiced support at the conclusion of the G-20 talks Saturday. "Regarding China and Korea joining the Paris Club, we would welcome that if they wanted to join," he told reporters. "It's a club of creditors, so it would be good. That doesn't mean we should lower the conditions, but that they should join under the current conditions."French Finance Minister Michel Sapin told reporters in Hong Kong on Friday that he would welcome China's full membership. At the same time though, Chinese Finance Minister Lou Jiwei played down the suggestion, saying Saturday "there's nothing to it."
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