Full coverage: G20 Hangzhou Summit

Ahead of the upcoming G20 summit, Chinese Finance Minister Lou Jiwei says the world's financial leaders have committed to promoting global economic growth. Ming Tian tells us more.

The global economic situation remains complex and stern. That's according to Chinese Finance Minister Lou Jiwei. Lou and his counterparts from the world's top economies have already met three times this year to seek ways to stimulate growth.

Just days ahead of the Group of 20 leaders' summit, Lou said the finance track has completed its policy recommendations.

Lou said, "We believe that growth should come with innovation. We need to raise productivity through structural reforms and make expansion last long. The G20 has achieved landmark results in this matter. We have identified nine priority areas of structural reforms, developed a set of guiding principles, and set up an indicator system index to assess the reform progress.  This agreement is unprecedented, as it addresses both the symptoms and the root causes of the 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. The growth outlook has been dampened by several mishaps, including stock market swings, the UK's leaving the European Union, and terrorist attacks.

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

"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. 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."

There are high expectations for the upcoming summit in Hangzhou since China takes up the G20 presidency this year. Lou said that as the world's 2nd largest economy, China has pushed forward this year's agenda and the transformation of the G20.

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

Eight years after the global financial crisis, the recovery remains less than desired. As the world's economies still look for long-term and robust growth. They hope that the G20 leaders will reach decisive and united solutions at their summit in Hangzhou.