CHENGDU, July 23, 2016 (Xinhua) -- China's Finance Minister Lou Jiwei addresses the opening of the G20 High-Level Tax Symposium in Chengdu, capital of southwest China's Sichuan Province, July 23, 2016. The Symposium marks the opening of a meeting of G20 finance ministers and central bank governors here. (Xinhua/Li Xin)
CHENGDU, July 23 (Xinhua) -- The G20 should lead a drive to improve international tax governance, Chinese Finance Minister Lou Jiwei at a meeting of G20 finance ministers and central bank governors in southwest China's Chengdu City on Saturday.
"The G20 should... support the development of a new international tax system which is fair, equal, inclusive and organized," Lou said.
The comments came in the wake of the "Panama Papers" revelations about the scale of offshore entities and tax avoidance by the wealthy worldwide.
"The G20 countries may explore a more equal and rational international tax regime, which will promote international coordination and cooperation in taxation, and make greater contribution to achieve strong, sustainable and balanced global economic growth," Lou said.
With the impacts of the international financial crisis still unfolding and the pace of economic recovery uneven from country to country, "promoting strong, sustainable and balanced growth remains the core agenda of the G20," according to China's finance minister.
Lou said tax policy needed to assume a more important role in coordinating global economic rules when "the effectiveness of fiscal and monetary policies is diminishing."
