Full coverage: G20 Hangzhou Summit

Just two days before the G20 summit, finance ministers from the world’s major economies have met in Hangzhou to discuss ways to boost global economic growth, including plans to better coordinate monetary and fiscal policies. Vice finance minister Zhu Guangyao said world economies have shaken hands on two major issues.

China's Vice Finance Minister Zhu Guangyao speaks at a press conference on G20 and global growth as well as global economic governance in Hangzhou, capital of east China's Zhejiang Province, Sept. 2, 2016. (Xinhua/Li Xiang)

“First we asked governments to use comprehensive policies—monetary, fiscal, and structural—to boost growth. The second thing is to talk closely with each other on foreign exchange rates. If approved, this would be the first time in history that G20 had such a policy consensus,” Zhu said.

During the hour-long session, Zhu opened the floor to a number of questions, including China’s efforts to cut industrial overcapacity.

“China is the first major economy to cut its overcapacity in steel and coal. We have the strongest policy. Overcapacity is a global issue, and the root cause is slowing growth worldwide. We ask world powers to work together more and blame each other less, and to take more action and make less lip service,” Zhu said.

Among the themes of this year’s summit is letting more developing countries take part in global governance. Zhu said China is leading the way.

“We will raise the voice of developing countries—for instance, by increasing the quota of developing countries in the International Monetary Fund, as well as their shares in the World Bank,” Zhu said.

This year’s summit will be the most representative of developing countries in G20 history. As this year’s G20 head, China hopes countries would reach agreement in dealing with issues concerning global growth.