Lou: China contributes to world economic growth

Chinese Finance Minister Lou Jiwei says China has made great contributions to world economic growth. He was responding to doubts over China's economic New Normal.

Eight years after the global financial crisis, the global recovery remains less than desired. China's economic growth is one of the most closely watched worldwide.

"Overall, emerging economies contributed over 50 percent to global economic growth. China has contributed over 25 percent to world economic growth. It is still less than some countries' expectation. We contributed over 50 percent in 2009 and 2010," Lou said.

"So with 25 percent, they start to talk about China's recession and China's collapse. China's economy only counts for 15 percent of the world, but we contributed 25 percent."

Lou said the world economy and international economic cooperation are at a new turning point. And the G20 needs to adapt.

"G20's function is changing from crisis response to long-term governance. We put forward several new initiatives, including the G20 Blueprint on Innovative Growth, and new industrial revolution," he said.

"We believe these initiatives could work together with the structural reform efforts, and secure the world economy's lasting growth."

Policy makers for the first time proposed using monetary, financial and structural reform measures to boost growth.

"We are committed to using all policy tools--monetary, fiscal and structural--to achieve robust and long-term growth. In the foreign currency market, we agreed to refrain from competitive devaluation," Lou said.

"We also discussed means to guard against Britain's exit from the European Union, to fight terrorism, and to deal with refugee issues. The agreement built up our consensus and created an encouraging environment for growth.

Since the financial crisis in 2008, the world's economies have used a variety of policy levers to revive growth, but the effects have been far from satisfactory.

Lou said the G20 meetings have united the member countries to act together.

And many expect that the world's second largest economy can help develop a road map to overcome growth problems.