ST. PETERSBURG, Sept. 4 (Xinhua) -- Chinese Deputy Finance Minister Zhu Guangyao said here on Tuesday that as the current G20 summit is held at a time of uncertainty for the global economy, the world's mainstream media will focus on the Chinese government's presentation of its economic development strategy and reform measures.
Speaking to reporters upon his arrival to prepare for the G20 summit, Zhu began by explaining the factors currently threatening to destabilize the global economy:
First and foremost, the U.S. Federal Reserve's announcement of its gradual abandonment of its quantitative easing currency policy and the response of global financial markets, which could entail capital flows from emerging markets to developed nations and the threat of currency devaluations in the emerging markets.
Secondly, the ongoing European debt crisis: Over the past two years, European efforts to deal with the debt crisis have brought some stability to financial markets, and the eurozone countries have begun gradually to move out of recession, but structural problems and deep-seated economic issues have yet to be resolved and will require further European effort.
And third, as a result of the U.S. Federal Reserve and general Western abandonment of quantitative easing policies and resulting currency fluctuations in emerging markets, the rise of balance of payments concerns in those markets.
Zhu believes that, in the face of such destabilizing factors and challenges, the Chinese government's position is clear:
China will put its house in order, continue with its deep-going structural economic reforms, and improve the quality of its economic growth, he said.
He added that China will successfully manage current changes in growth rates and economic structure, and make the most of stimulus measures to ensure that the Chinese economy continues its healthy development.
Zhu is confident about China achieving a 7.5 percent growth in 2013, and also believes that this will be quality growth, with inflation kept under 3.5 percent, and with the creation of 10 million new jobs.
He said that China's economic success has received worldwide attention, and that China's economic development has benefitted the rest of the world at the same time of benefiting the Chinese people.
The eighth G20 Leaders' summit will be held in St. Petersburg, Russia, on Sept. 5-6. The main themes of this year's summit are the promotion of economic growth and the creation of job opportunities, as well as a host of other issues related to the global economy, employment, investment, development, and trade.