As the chair of the G20 this year, Australia would try to help promote global growth, said Prime Minister Tony Abbott Thursday, setting four priorities for the group in the new year.
“Economic growth is the result of global conditions as well as domestic policies,” said Abbott in a written message posted on the website of the World Economic Forum, Xinhua reported.
He said in the new year, G20 should focus on four issues where coordinated international action could add value: trade, infrastructure, taxation and banking.
The prime minister called for G20 countries to resolve against protectionism and promote freer markets, and open up trade through bilateral and multilateral actions.
“Over time, trade benefits everyone because countries end up focusing on what they do best,” Abbott said.
Leaders of G20 countries should also cooperate in the issue of taxation chase under a principle that one should pay tax where he earned, said Abbott, adding that he hoped to organise a summit for discussion about big issues including tax, trade and global integration.
In the field of infrastructure, Abbott said G20 should attract more private capitals in order to fill the gap which estimated to be over $50 trillion by 2030. A practical way to increase long-term infrastructure financing should also be identified by policy-makers, financiers and builders.
Resilience of the financial sector would be the heart work of G20, Abbott said. “There should be mechanism to help prevent and manage the failure of globally important financial institutions, make derivatives markets safer, and improve the oversight of the shadow banking sector.”
Authorities should keep in line with the development of the sector, instead of lagging behind as they did before the crisis, Abbott said.
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