China's Finance Minister Liu Kun has urged G20 members to mobilize more financial resources for development-related efforts. Addressing the G20 finance ministers and central bank chiefs meeting in the southern Indian city of Bengaluru on Friday via video link, Liu said such efforts are necessary to spur global economic recovery and growth.
Liu noted that China has been improving spending under the Global Development Initiative and increased contributions to several international development resources. Members of the G20, he said, must actively find solutions to tackle developing countries' growing demand for financing, while developed countries must deliver on their promise of climate finance as early as possible.
Emphasizing on the role of infrastructure in social and economic development, Liu said that the G20 Finance Track must rope in the public and private sector, as well as multilateral development organizations, to increase investment in and financing for global infrastructure development.
He also called on the G20 to conduct a fair, objective and in-depth analysis of the causes of global debt issues, and to resolve them in a comprehensive and effective manner.