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Tokyo to present to G-20 its program of developing economic situation

July 19, 2013, 12:40 UTC+3
“We shall work on understanding of our policies, which make certain inputs in development of the global economy” Japan’s Deputy Prime Minister and Finance Minister Taro Aso...
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Taro Aso, Photo EPA/ITAR-TASS

Taro Aso, Photo EPA/ITAR-TASS

TOKYO, July 19 (Itar-Tass) - At the G-20 meeting of finance ministers and heads of central banks in Russia, Japan is going to present the country’s programme to develop the economic situation and to raise incomes.

“We shall work on understanding of our policies, which make certain inputs in development of the global economy,” Japan’s Deputy Prime Minister and Finance Minister Taro Aso told reporters on Friday.

Along with Aso, Japan’s head of the Central Bank Haruhiko Kuroda will participate in the meeting in Russia.

“The G-20 meeting will feature not only representatives of the developed countries, but also those representing new emerging economies,” he told a news conference in Tokyo earlier. “Thus, we shall have a wider discussion about trends in development of global finances. I believe, the agenda will also include limitations for financial activities, which were introduced after the crisis of 2008.”

Japan’s representatives plan to explain also the country’s policy of administrated inflation, which is to be raised to the level of two percent a year in order to activate investments, production and to raise personal revenues. The country will also present its plans to reduce the huge state debt.

Tokyo supposes the meeting will feature and exchange of views on lower growth rates in China, India, Brazil and in other countries, on the global impact from the upcoming reduction of the US Federal Reserve’s monetary policy for the American economy. A separate topic, experts say, may be a threat of a financial crisis in China, which is connected with activities of the so-called “shade banks” and NPLs.

The G-20 first joint meeting of finance ministers and ministers of labour and employment is due on July 19 in Moscow in the framework of Russia’s chairing the organisation. The main topic would be joint policies to stimulate stable, sustainable and balanced growth and favourable conditions for new jobs. The meeting’s results will be reflected in the ministers’ joint statement.

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