G20财长和央行行长会公报
Communiqué:G20 Finance Ministers and Central Bank Governors Meeting
2016年7月23—24日，中国成都
23-24 July 2016, Chengdu, China
1、我们在成都举行会议，审议在应对关键经济挑战方面的努力，以及年初以来所取得的进展。我们本着团结合作的精神密切开展工作，并就各项议程取得了切实成果,这些成果将提交杭州领导人峰会审议。
1. We met in Chengdu to review our efforts in responding to key economic challenges, as well as the progress we made since the beginning of this year. We worked closely in the spirit of cooperation and solidarity and achieved tangible outcomes on our agenda, which will be delivered for our Leaders’ review at their Hangzhou Summit.
2、全球经济持续复苏，但仍旧弱于预期。同时，增长成果应在国家内和国家间得到更广泛的分享以促进包容性。全球经济环境充满挑战，下行风险持续存在，突出表现在大宗商品价格波动以及许多经济体低通胀。金融市场波动仍然很大，地缘政治冲突、恐怖主义和难民流动继续使全球经济环境复杂化。此外，英国脱欧公投结果也加大了全球经济的不确定性。G20成员已经准备好积极应对英国公投带来的潜在经济和金融影响。今后，我们希望看到英国作为欧盟的密切伙伴。
2. The global economic recovery continues but remains weaker than desirable. Meanwhile, the benefits of growth need to be shared more broadly within and among countries to promote inclusiveness. The global economic environment is challenging and downside risks persist, highlighted by fluctuating commodity prices, and low inflation in many economies. Financial Market volatility remains high, and geopolitical conflicts, terrorism, and refugee flows continue to complicate the global economic environment. In addition, the outcome of the referendum on the UK’s membership of the EU adds to the uncertainty in the global economy. Members of the G20 are well positioned to proactively address the potential economic and financial consequences stemming from the UK referendum. In the future, we hope to see the UK as a close partner of the EU.
3、我们正在采取行动增强信心并促进增长。鉴于近期形势变化，我们重申决心将各自以及共同使用所有政策工具，包括货币、财政和结构性改革政策，以实现我们的强劲、可持续、平衡和包容性增长的目标。货币政策将继续支持经济活动，保持价格稳定，与中央银行的职责保持一致，但仅靠货币政策不能实现平衡增长。在强调结构性改革发挥关键作用的同时，我们还强调财政战略对于促进实现我们共同的增长目标同样重要。我们正在灵活实施财政政策，并实施更为增长友好型的税收政策和公共支出，包括优先支持高质量投资，同时增强经济韧性并确保债务占GDP的比重保持在可持续水平。此外，我们将继续研究G20在必要时可采取的适合各国国情的政策措施，以支持增长和应对潜在风险，包括应对资产负债表的脆弱性。我们重申，汇率的过度波动和无序调整会影响经济和金融稳定。我们将就外汇市场密切讨论沟通。我们重申此前的汇率承诺，包括将避免竞争性贬值和不以竞争性目的来盯住汇率。我们将反对各种形式的保护主义。我们将仔细制定、清晰沟通我们在宏观经济和结构性改革方面的政策行为，以减少政策的不确定性，减少负面溢出效应，并增加透明度。
3. We are taking actions to foster confidence and support growth. In light of recent developments, we reiterate our determination to use all policy tools – monetary, fiscal and structural – individually and collectively to achieve our goal of strong, sustainable, balanced and inclusive growth. Monetary policy will continue to support economic activity and ensure price stability, consistent with central banks’ mandates, but monetary policy alone cannot lead to balanced growth. Underscoring the essential role of structural reforms, we emphasize that our fiscal strategies are equally important to support our common growth objectives. We are using fiscal policy flexibly and making tax policy and public expenditure more growth-friendly, including by prioritizing high-quality investment, while enhancing resilience and ensuring debt as a share of GDP is on a sustainable path. Furthermore, we will continue to explore policy options, tailored to country circumstances, that the G20 countries may undertake as necessary to support growth and respond to potential risks including balance sheet vulnerability. We reiterate that excess volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability. We will consult closely on exchange markets. We reaffirm our previous exchange rate commitments, including that we will refrain from competitive devaluations and we will not target our exchange rates for competitive purposes. We will resist all forms of protectionism. We will carefully calibrate and clearly communicate our macroeconomic and structural policy actions to reduce policy uncertainty, minimize negative spillovers and promote transparency.
4、关于结构性改革，我们核准增长框架工作组准备的“深化结构性改革议程”，并赞赏经合组织（OECD）、国际货币基金组织（IMF）和其他相关国际组织提供有价值的意见。我们注意到结构性改革的选择和设计应符合国家经济情况。在4月确定的结构性改革九大优先领域的基础上，我们制定了一套指导原则并达成一致。这套指导原则将为各成员提供有用的高级别指导，同时允许各国照顾到本国具体国情。我们还就一套指标达成一致，以帮助监测和评估我们在结构性改革方面所做的努力及进展与挑战，今后我们还将进一步强化该套指标。我们承诺实施并逐步完善“深化结构性改革议程”，并呼吁国际组织继续提供支持。国际组织的初步评估和强化的同行审议结果显示，我们在落实增长战略方面取得了新的进展，但仍有大量工作需要推进。迅速和全面落实增长战略对于支持经济增长和实现布里斯班峰会制定的共同增长雄心仍然十分关键。在此基础上，为加倍努力，我们正在更新增长战略以纳入新的和调整的宏观经济及结构性政策措施，发挥二者相互支持以共同促进增长的作用。我们将在杭州峰会前完成增长战略更新，并完成衡量我们增长雄心落实进展的问责报告。我们强调，开放的贸易政策和强劲、安全的全球贸易体系对促进全球经济包容性增长具有重要意义，我们将采取进一步行动重振全球贸易和提升投资。我们还将致力于减少过度失衡，并在追求经济增长的过程中提升包容性。
4. As regards structural reform, we endorse the Enhanced Structural Reform Agenda prepared by the Framework Working Group (FWG), and commend the OECD, the IMF and other relevant international organizations (IOs) for their valuable inputs. We take note that the choice and design of structural reforms are consistent with countries’ economic conditions. Based on the nine priority areas of structural reforms agreed in April, we have developed and agreed upon a set of guiding principles, which will provide high-level and useful guidance to members, while allowing them to account for their specific national circumstances. We have also agreed upon a set of indicators which will be further enhanced over time to help monitor and assess our efforts and progress with structural reforms and challenges. We are committed to implementing and improving over time the Enhanced Structural Reform Agenda, and call on the IOs to provide continuous support. We are making further progress towards the implementation of our growth strategies, as is indicated by the preliminary assessment of the IOs as well as results from our enhanced peer reviews, but much more needs to be done. Swift and full implementation of the growth strategies remains key to support economic growth and the collective growth ambition set by the Brisbane Summit. Furthermore, to strengthen our efforts, we are updating our growth strategies to include new and adjusted macroeconomic and structural policy measures that can provide mutually-supportive benefits to growth. Our updated growth strategies and an accountability report on progress against our growth ambition will be finalized before the Hangzhou Summit. We underscore the role of open trade policies and a strong and secure global trading system in promoting inclusive global economic growth, and we will make further efforts to revitalize global trade and lift investment. We will also strive to reduce excessive imbalances and promote greater inclusiveness in our pursuit of economic growth.
5、我们认识到全球经济复苏缓慢和市场需求低迷使得包括一些行业产能过剩在内的结构性问题更加严重，这些问题对贸易和工人产生了负面影响。我们认识到，钢铁和其他行业的产能过剩是一个全球性问题，需要集体应对。我们也认识到，政府或政府支持的机构提供的补贴和其他类型的支持可能导致市场扭曲和造成全球产能过剩问题，因此需要予以关注。我们承诺加强沟通与合作，致力于采取有效措施应对上述调整，以加强市场功能和鼓励调整。G20产钢经济体将参与国际社会应对全球产能过剩问题的行动，包括参与定于2016年9月8—9日召开的经合组织钢铁委员会会议，并讨论成立一个全球论坛的可行性，将其作为交流和分享全球产能动态、政府政策与支持措施信息的合作平台。
5. We recognize that the structural problems, including excess capacity in some industries, exacerbated by a weak global economic recovery and depressed market demand, have caused a negative impact on trade and workers. We recognize that excess capacity in steel and other industries is a global issue which requires collective responses. We also recognize that subsidies and other types of support from governments or government-sponsored institutions can cause market distortions and contribute to global excess capacity and therefore require attention. We commit to enhance communication and cooperation, and take effective steps to address the challenges so as to enhance market function and encourage adjustment. The G20 steelmaking economies will participate in the global community’s actions to address global excess capacity, including by participating in the OECD Steel Committee meeting scheduled for September 8-9, 2016 and discussing the feasibility of forming a Global Forum as a cooperative platform for dialogue and information sharing on global capacity developments and on policies and support measures taken by governments.
6、为支持我们的共同增长目标和2030年可持续发展议程，我们重申对推进投资议程的承诺，并将重点关注基础设施发展，坚持数量与质量并重。多边开发银行在支持基础设施投资方面具有独特作用。我们已与多边开发银行进行了有效沟通，呼吁他们共同采取行动，支持基础设施投资，并促进私人投资。为此，我们欢迎11个多边开发银行在“支持基础设施投资行动的联合愿景声明”中做出的承诺，包括在各自机构的职责范围内宣布高质量基础设施项目的量化目标，及其为最大限度地提高基础设施项目质量、加强项目储备、增进新老多边开发银行的合作、提升发展中国家基础设施投资的有利环境和动员私人投资所做努力。我们强调，高质量基础设施投资非常重要，其旨在综合考虑生命周期成本、安全性、抗自然灾害的韧性、创造就业机会、能力建设以及知识和专业技能转移的基础上确保经济效率，同时处理好项目的社会和环境影响，并与经济和发展战略相一致。我们欢迎多边开发银行对G20多边开发银行优化资产负债表行动计划的回应，号召进一步落实该行动计划。加强互联互通是21世纪全球经济的必然要求，对促进可持续发展和共享繁荣具有关键作用。我们成立全球基础设施互联互通联盟，以加强各个基础设施互联互通项目的整体协同与合作。我们要求世界银行作为联盟秘书处，与全球基础设施中心（GIH）、OECD、其他多边开发银行以及有兴趣的G20成员一起开展工作，支持联盟的活动。我们核准《G20/OECD基础设施和中小企业融资工具多元化政策指南文件》，并欢迎GIH完成《政府与社会资本合作（PPP）风险分担解析报告》，以帮助发展中国家更好地评估基础设施风险。我们支持有效落实《G20/OECD公司治理原则》和《G20/OECD中小企业融资高级原则》，特别是期待根据金融稳定理事会（FSB）对公司治理进行的同行审议，对《G20/OECD公司治理原则》的评估方法进行修订。
6. To support our common growth objectives and the 2030 Agenda for Sustainable Development, we reaffirm our commitment to promote investment with focus on infrastructure in terms of both quantity and quality. Multilateral Development Banks (MDBs) have a unique role in supporting infrastructure investment. We have had effective communications with MDBs and called on them to take joint actions to support infrastructure investment as well as catalyze private investment. In this regard, we welcome the commitments made in the “Joint Declaration of Aspirations on Actions to Support Infrastructure Investment” by 11 MDBs which includes their announcements of quantitative ambitions for high-quality infrastructure projects within their respective institutional mandates as well as their efforts to maximize the quality of infrastructure projects, strengthen project pipelines, collaborate further among existing and new MDBs, strengthen the enabling environment for infrastructure investment in developing countries, as well as catalyze private resources. We stress the importance of quality infrastructure investment, which aims to ensure economic efficiency in view of life-cycle cost, safety, resilience against natural disaster, job creation, capacity building, and transfer of expertise and know-how, while addressing social and environmental impacts and aligning with economic and development strategies. We welcome the MDB Response to the G20 MDB Balance Sheet Optimization Action Plan and call for further implementation of the Action Plan. Greater inter-connectivity is a defining demand of the 21st century global economy and key to promote sustainable development and shared prosperity. We launch the Global Infrastructure Connectivity Alliance to enhance the synergy and cooperation among various infrastructure connectivity programs in a holistic way. We ask the World Bank Group (WBG) to serve as the secretariat of the Alliance, working closely with the Global Infrastructure Hub (GIH), OECD, other MDBs, and interested G20 members to support its activities. We endorse the G20/OECD Guidance Note on Diversification of Financial Instruments for Infrastructure and SMEs and we welcome the Annotated Public-Private Partnership (PPP) Risk Allocation Matrices completed by the GIH to help developing countries better assess infrastructure risks. We support the effective implementation of the G20/OECD Principles of Corporate Governance and G20/OECD High-level Principles on SME Financing. In particular, we look forward to the revision of the assessment methodology of the G20/OECD Principles of the Corporate Governance, which will be informed by an FSB peer review on corporate governance.
7、我们支持国际组织持续努力，在现有和已倡议机制的基础上，根据其职能和比较优势，做出协调且有效的响应，为所有地区、各种收入水平的发展中国家和中等收入国家的难民及其接收社区提供支持。我们期待在近期采取进一步措施。我们注意到世界银行正在讨论考虑建立一个全球危机应对平台。我们呼吁加强人道主义援助和发展援助及难民安置，并通过相关国际组织加大对难民及其接收社区的支持力度。
support the ongoing efforts undertaken by IOs to provide a coordinated and effective response that will support refugees and their host communities in developing and middle-income countries across all regions and income levels, building on existing and proposed facilities, and consistent with their mandates and comparative advantages. We look forward to further steps in the near future. We note the ongoing discussion within the WBG on considering a global crisis response platform. We call for strengthening humanitarian and development assistance, refugee resettlement and scaling up the support through relevant IOs for refugees and their host communities.
8、我们核准了国际金融架构工作组关于完善国际金融架构的建议。在相关国际组织工作的基础上，我们将继续改善关于资本流动的分析、监测和对资本流动过度波动带来风险的管理。我们期待IMF在年底前完成关于应对资本流动的国别经验和新问题的审议。我们注意到正在进行的对OECD资本流动通则的审议工作。我们支持进一步加强以强劲的、以份额为基础的、资源充足的IMF为核心的全球金融安全网，提高IMF贷款工具的有效性、并在尊重各自职责的基础上进一步加强IMF与区域金融安全网之间的有效合作。在此方面，我们欢迎即将开展的清迈倡议多边化与IMF的联合演练，并呼吁IMF就贷款工具开展更多的工作。我们期待2017年年会前完成第15次份额总检查，包括形成一个新的份额公式。我们重申，份额调整应提高有活力的经济体的份额占比，以反映其在世界经济中的相对地位，因此可能的结果是新兴市场和发展中国家的份额占比整体提高。我们期待世界银行按照达成一致的路线图和时间表实施股份审议，目标是逐渐实现平等投票权。我们强调促进有效且可持续的融资实践的重要性，并将继续改善债务重组进程。我们支持将加强的合同条款纳入主权债中的持续努力。我们支持巴黎俱乐部作为主要的国际官方双边债务重组平台，讨论一系列主权债问题，支持巴黎俱乐部持续吸纳更多新兴债权国，并欢迎韩国加入巴黎俱乐部。我们欢迎中国定期参加巴黎俱乐部会议，以及中方发挥更具建设性作用的意愿，包括进一步讨论潜在的成员身份问题。我们支持对扩大SDR的使用进行研究，如更广泛地发布以SDR作为报告货币的财务和统计数据，以及发行SDR计价债券的可能性，从而增强韧性。我们呼吁国际组织进一步开展工作以支持本币债券市场的发展，包括加强对低收入国家的支持。我们将国际金融架构工作组的职责延至2017年。
8. We endorse the recommendations towards further strengthening the international financial architecture (IFA) developed by the IFA Working Group. Building on the ongoing work by relevant IOs, we will continue to improve the analysis and monitoring of capital flows and management of risks stemming from excessive capital flow volatility. We look forward to the IMF’s review of country experiences and emerging issues in handling capital flows by year-end. We note the ongoing work on the review of the OECD Code of Liberalization of Capital Movements. We support work to further strengthen the Global Financial Safety Net (GFSN), with a strong, quota-based and adequately resourced IMF at its center, equipped with a more effective toolkit, and with more effective cooperation between the IMF and Regional Financing Arrangements (RFAs), respecting their mandates. In this respect, we welcome the upcoming CMIM-IMF joint test run and call for further work regarding the IMF’s lending toolkit. We look forward to the completion of the 15th General Review of Quotas, including a new quota formula, by the 2017 Annual Meetings. We reaffirm that any realignment under the 15th review in quota shares is expected to result in increased shares for dynamic economies in line with their relative positions in the world economy, and hence likely in the share of emerging market and developing countries as a whole. We support the WBG to implement its shareholding review according to the agreed roadmap and timeframe, with the objective of achieving equitable voting power over time. We underline the importance of promoting sound and sustainable financing practices and will continue to improve debt restructuring processes. We support the continued effort to incorporate the enhanced contractual clauses into sovereign bonds. We support the Paris Club’s discussion of a range of sovereign debt issues, the ongoing work of the Paris Club, as the principal international forum for restructuring official bilateral debt, towards the broader inclusion of emerging creditors, and welcome the admission of the Republic of Korea to the Paris Club. We welcome China’s regular participation in Paris Club meetings and intention to play a more constructive role, including further discussions on potential membership. We support examination of the broader use of the SDR, such as broader publication of accounts and statistics in the SDR and the potential issuance of SDR-denominated bonds, as a way to enhance resilience. We call for further work by the IOs to support the development of local currency bond markets, including intensifying efforts to support low-income countries. We will extend the IFA Working Group’s mandate into 2017.
9、近期市场动荡和不确定性再次凸显建立开放且具抗风险能力金融体系的重要性。为此，我们继续承诺完成监管框架中剩余的核心工作，以及及时、全面和一致地落实已议定的金融改革，包括巴塞尔协议III和总损失吸收能力（TLAC）标准，以及有效的跨境处置机制。我们重申支持巴塞尔银行监管委员会（BCBS）在2016年底前完成巴塞尔协议III框架，在推动公平竞争的环境的同时，避免进一步大幅度提高整个银行业的总体资本金要求。我们期待BCBS进行全面的定量影响分析，从而为监管框架的最终设计和校准提供信息。我们将继续加强监测改革落实情况及其效果，以确保其符合我们的总体目标，包括应对任何未预见到的重大后果。我们期待FSB拟在杭州峰会期间向领导人提交的关于金融监管改革执行与效果的第二份年报。我们将继续应对保险业系统性风险的问题。我们欢迎针对国际活跃保险机构制定保险资本标准（ICS）的工作。我们欢迎IMF、FSB和BIS正在联合进行的总结宏观审慎框架和工具的国际经验的工作，以帮助促进实施有效的宏观审慎政策，并期待报告于杭州峰会前发布。我们欢迎FSB就应对资产管理业务结构脆弱性的政策建议征求意见。我们将继续密切监测并在必要时应对金融体系中的新风险和脆弱性，包括与影子银行、资产管理和其他市场化融资有关的风险。为妥善应对代理行业务减少问题，我们期待拟向杭州峰会提交的由FSB协调的四项行动计划的进展报告。G20期待进一步适当明确监管预期相关工作，包括10月份金融行动特别工作组（FATF）将讨论代理行指引。我们呼吁G20 成员、IMF和世界银行加大对各国能力建设的支持力度，从而帮助其改善全球反洗钱和反恐融资（AML/CFT）以及审慎标准的合规工作。我们鼓励成员缩小在实施金融市场基础设施原则方面的差距，并加快在场外衍生品市场改革方面的行动。根据我们已通过的工作计划，我们期待那些关于中央对手抗风险能力、恢复计划和可处置性的征求意见稿在杭州峰会之前发布。我们通过了由普惠金融全球合作伙伴（GPFI）制定的G20数字普惠金融高级原则、G20普惠金融指标体系升级版以及G20中小企业融资行动计划落实框架。我们鼓励各国在制定其更广泛的普惠金融计划时考虑这些原则，特别是数字普惠金融领域的计划。
9. Recent market turbulence and uncertainty have once again highlighted the importance of building an open and resilient financial system. To this end, we remain committed to finalizing remaining critical elements of the regulatory framework and the timely, full and consistent implementation of the agreed financial reforms, including Basel III and the total-loss-absorbing-capacity (TLAC) standard as well as effective cross-border resolution regimes. We reiterate our support for the work by the Basel Committee on Banking Supervision (BCBS) to finalize the Basel III framework by the end of 2016, without further significantly increasing overall capital requirements across the banking sector, while promoting a level playing field. We look forward to the BCBS comprehensive quantitative impact study that will inform the final design and calibration of the framework. We will continue to enhance the monitoring of implementation and effects of reforms to ensure their consistency with our overall objectives, including by addressing any material unintended consequences. We look forward to the FSB’s second annual report on the implementation and effects of the financial regulatory reforms to be presented to our Leaders at the Hangzhou Summit. We will continue to address the issue of systemic risk within the insurance sector. We welcome the work towards the development of an Insurance Capital Standard (ICS) for internationally active insurers. We welcome the ongoing joint work by the IMF, FSB and BIS to take stock of international experiences with macroprudential frameworks and tools, to help promote effective macroprudential policies, and look forward to the report to be published ahead of the Hangzhou Summit. We welcome the FSB consultation on proposed policy recommendations to address structural vulnerabilities from asset management activities. We continue to closely monitor, and if necessary, address emerging risks and vulnerabilities in the financial system, including those associated with shadow banking, asset management and other market-based finance. We look forward to the report to the Hangzhou Summit on progress of the FSB-coordinated four-point action plan to address, as appropriate, the decline in correspondent banking services. The G20 looks forward to further efforts to clarify regulatory expectations, as appropriate, including through the consideration in October by the FATF of the guidance on correspondent banking. We call on G20 members, the IMF and WBG to intensify their support for domestic capacity building to help countries improve their compliance with global anti-money laundering and countering the financing of terrorism (AML/CFT) and prudential standards. We encourage members to close the gap in the implementation of the Principles for Financial Market Infrastructures and accelerate their actions on over-the-counter derivatives markets reforms. We look forward to the consultation papers under the agreed work plan on central counterparties’ (CCPs) resilience, recovery planning and resolvability to be published ahead of the Hangzhou Summit. We endorse the G20 High-level Principles for Digital Financial Inclusion, the updated version of the G20 Financial Inclusion Indicators, and the implementation framework of the G20 Action Plan on SME Financing, developed by the Global Partnership for Financial Inclusion (GPFI). We encourage countries to consider these principles in devising their broader financial inclusion plans, particularly in the area of digital financial inclusion.10、我们欢迎在日本京都召开的G20/OECD税基侵蚀和利润转移（BEPS）包容性框架首次会议，特别是参与该框架成员十分广泛，这将为及时、持续和广泛地落实G20/OECD的BEPS 项目并应对发展中国家面临的特殊挑战发挥关键作用。我们呼吁所有尚未就BEPS项目做出承诺的感兴趣的相关国家和辖区做出承诺，并平等参与该框架。我们也欢迎近期在有效和广泛落实国际公认的税收透明度标准方面取得的进展。我们重申呼吁所有还未做出承诺的国家，包括所有金融中心和辖区立刻做出承诺，最迟在2018年前实施自动情报交换标准，并签署多边税收行政互助公约。我们支持税收透明度与情报交换全球论坛就自动情报交换的实施情况进行监督，并期待在今年年底前收到其报告。我们核准OECD与G20成员合作提出的关于识别在税收透明度方面不合作辖区的客观标准建议。我们要求OECD在2017年6月前向我们报告辖区在税收透明度上取得的进展，以及税收透明度与情报交换全球论坛将如何管理国别审议进程，应对国家提出的补充审议要求，以便OECD在2017年7月G20领导人峰会前准备一份尚未在落实国际税收透明度标准上取得满意进展的辖区清单。对列入清单的辖区将考虑制定防御性措施。我们鼓励各国和国际组织帮助发展中国家加强税收能力建设，为此，我们对IMF、OECD、联合国和世界银行成立的新的税收合作平台，以及这些机构关于支持税收改革的有效技术援助机制的建议表示认可。我们期待在2017年年中收到相关进展更新情况。我们支持亚的斯税收倡议的原则。我们认识到非法资金流动对各国经济都会产生巨大负面影响，并将继续推进G20在这方面的工作。
10. We welcome the first meeting of the G20/OECD Inclusive Framework on BEPS held in Kyoto, particularly its broad membership which will be a key asset in supporting a timely, consistent and widespread implementation of the G20/OECD BEPS package, as well as in tackling the specific challenges faced by developing countries. We call upon all relevant and interested countries and jurisdictions that have not yet committed to the BEPS package to do so and join the framework on an equal footing. We also welcome the recent progress made on effective and widespread implementation of the internationally agreed standards on tax transparency. We reiterate our call on all relevant countries including all financial centers and jurisdictions which have not yet done so to commit without delay to implementing the standard on automatic exchange of information by 2018 at the latest and to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. We support the Global Forum’s monitoring of the implementation of automatic exchange of information and look forward to its report before the end of the year. We endorse the proposals made by the OECD working with G20 members on the objective criteria to identify non-cooperative jurisdictions with respect to tax transparency. We ask the OECD to report back to us by June 2017 on the progress made by jurisdictions on tax transparency, and on how the Global Forum will manage the country review process in response to supplementary review requests of countries, with a view for the OECD to prepare a list by the July 2017 G20 Leaders’ Summit of those jurisdictions that have not yet sufficiently progressed toward a satisfactory level of implementation of the agreed international standards on tax transparency. Defensive measures will be considered against listed jurisdictions. We encourage countries and IOs to assist developing economies in building their tax capacity and accordingly we acknowledge the establishment of the new Platform for Collaboration on Taxation by the IMF, OECD, UN and WBG, and their recommendations on mechanisms for effective technical assistance in support of tax reforms. We look forward to receiving a progress update by mid-2017. We support the principles of the Addis Tax Initiative. We recognize the significant negative impact of illicit financial flows on our economies and we continue to take forward the work of the G20 on this theme.
11、我们认识到税收政策在更广泛的强劲、可持续和平衡增长议程中发挥着重要作用，也认识到公平、高效的国际税收环境对减少税收体系冲突的重要作用。正如我们在G20税收高级别研讨会讨论中所强调的，我们重视税收政策工具在促进创新驱动和包容性增长的供给侧结构性改革上的有效性，也重视税收确定性对于促进投资和贸易的益处。为此，我们要求OECD和IMF继续在促增长的税收政策和提高税收确定性方面开展工作。
11. We recognize the important role of tax policies in our broader agenda on strong, sustainable and balanced growth and of a fair and efficient international tax environment in diminishing the conflicts among tax systems. As highlighted in our discussion at the G20 High Level Tax Symposium, we emphasize the effectiveness of tax policy tools in supply-side structural reform for promoting innovation-driven, inclusive growth, as well as the benefits of tax certainty to promote investment and trade. In this regard, we ask the OECD and the IMF to continue working on the issues of pro-growth tax policies and tax certainty.
12、我们重申要求FATF和税收透明度与情报交换全球论坛在我们10月会议前，就如何加强国际透明度标准实施，包括获取法人和法律安排的受益所有权信息并开展跨国信息交换提出初步建议。
12. We reiterate our call on the FATF and the Global Forum to make initial proposals by our October meeting on ways to improve the implementation of the international standards on transparency, including on the availability of beneficial ownership information of legal persons and legal arrangements, and its international exchange.
13、我们对近期的恐怖袭击表示最强烈谴责。我们重申将保持团结一致，并决心打击所有形式的恐怖主义，无论发生在哪里。我们将应对恐怖融资的所有来源、技术和渠道。我们欢迎FATF在实施其打击恐怖融资新综合战略方面取得的进展，并呼吁有效落实其操作计划。在世界范围内快速、有效地落实FATF标准是当务之急。这就要求加强FATF的引导力，提高FATF网络以及与FATF类似的区域机构的有效性。我们呼吁FATF在2017年3月前就如何在这些领域取得进展向我们汇报。
13. We condemn, in the strongest possible terms, the recent terrorist attacks. We reaffirm our solidarity and resolve in the fight against terrorism in all its forms and wherever it occurs. We will tackle all sources, techniques and channels of terrorist financing. We welcome the progress achieved by the FATF in the implementation of its new Consolidated Strategy on Combating Terrorist Financing and call for effective implementation of its operational plan. Swift and effective implementation of FATF standards worldwide is a priority. This calls for strengthening of the traction capacity of the FATF and enhanced effectiveness of the network of FATF and FATF-style regional bodies. We call on the FATF to reflect on ways to progress in those areas by March 2017.
14、我们认识到，为支持在环境可持续前提下的全球发展，有必要扩大绿色投融资。我们欢迎绿色金融研究小组提交的《G20绿色金融综合报告》和由其倡议的自愿可选措施，以增强金融体系动员私人资本开展绿色投资的能力。具体来说，我们相信可通过以下努力来发展绿色金融：提供清晰的战略性政策信号与框架，推动绿色金融的自愿原则，扩大能力建设学习网络，支持本地绿色债券市场发展，开展国际合作以推动跨境绿色债券投资，鼓励并推动在环境与金融风险领域的知识共享，改善对绿色金融活动及其影响的评估方法。
14. We recognize that, in order to support environmentally sustainable growth globally, it is necessary to scale up green financing. We welcome the G20 Green Finance Synthesis Report submitted by the Green Finance study Group (GFSG), and welcome the voluntary options developed by the GFSG to enhance the ability of the financial system to mobilize private capital for green investment. In particular, we believe that efforts could be made to provide clear strategic policy signals and frameworks, promote voluntary principles for green finance, expand learning networks for capacity building, support the development of local green bond markets, promote international collaboration to facilitate cross-border investment in green bonds, encourage and facilitate knowledge sharing on environmental and financial risks, and improve the measurement of green finance activities and their impacts.
15、我们欢迎一些国家为帮助气候变化《巴黎协定》尽快生效所已采取的国内措施，同时鼓励其他国家这样做。我们重申呼吁及时实施气候变化《巴黎协定》，落实发达国家和国际组织就气候资金所作的承诺和其他国家就气候资金所作的声明。我们欢迎气候资金研究小组有关“以有效和透明的方式提供和动员气候资金以强化减缓和适应行动”的报告，并注意到有关“在发展援助和气候资金项目中实现气候变化因素主流化”的展望报告。根据明年G20主席国经商其他成员国确定的工作安排，我们2017年将继续就气候资金问题开展工作，目标是利用G20论坛的专长、知识和经验分享，为《联合国气候变化框架公约》（UNFCCC）下所进行的讨论作出贡献。
15. We welcome the domestic steps already undertaken by some countries, and encourage others to do so, to help bring the Paris Agreement on Climate Change into force as soon as possible. We reiterate our call for timely implementation of the Paris Agreement on Climate Change and the commitments made by developed countries and IOs and announcements made by other countries on climate finance. We welcome the Climate Finance study Group’s (CFSG) Report on “Promoting Efficient and Transparent Provision and Mobilization of Climate Finance to Enhance Ambition of Mitigation and Adaptation Actions” and take note of the Outlook on “Mainstreaming Climate Change Considerations into Development Assistance and Climate Finance Programs”. We will continue working on climate finance in 2017 under the working arrangement of next year’s G20 Presidency, in consultation with other members, with the objective to contribute to the discussions held under the United Nations Framework Convention on Climate Change (UNFCCC) and by building on G20 fora expertise and knowledge and experiences sharing.
16、我们重申致力于在中期规范并逐步取消低效的、鼓励浪费的化石燃料补贴，并认识到有必要为贫困人口提供支持。此外，我们鼓励所有G20成员考虑参与低效的、鼓励浪费的化石燃料补贴自愿同行审议。
16. We reaffirm our commitment to rationalize and phase out inefficient fossil fuel subsidies that encourage wasteful consumption, over the medium term, recognizing the need to support the poor. Further, we encourage all G20 countries to consider participation in the voluntary peer review of inefficient fossil fuel subsidies that encourage wasteful consumption.附件
Annex
已收到的报告：
Reports received
1、IMF监测报告和关于G20国家结构性改革优先重点的背景文件
1. IMF Surveillance Note and the Background Note on Priorities for Structural Reforms in G20 Countries
2、增长框架工作组关于G20深化结构性改革议程的报告
2. FWG Report on the G20 Enhanced Structural Reform Agenda
3、IMF关于重振贸易以支持增长的下一步路径的报告
3. IMF Note – Reinvigorating Trade to Support Growth: A Path Forward
4、OECD关于投资进展和政策挑战的报告
4. OECD Note on Developments in Investment and Policy Challenges
5、OECD关于贸易进展和政策挑战的报告
5. OECD Note on Developments in Trade and Policy Challenges
6、多边开发银行支持基础设施投资行动的联合愿景声明
6. MDBs’ Joint Declaration of Aspirations on Actions to Support Infrastructure Investment
7、多边开发银行对G20多边开发银行优化资产负债表行动计划的回应
7. MDB Response to the G20 MDB Balance Sheet Optimisation Action Plan
8、全球基础设施互联互通联盟倡议
8. Global Infrastructure Connectivity Alliance Initiative
9、G20/OECD关于基础设施和中小企业融资工具多元化政策指南文件
9. G20/OECD Guidance Note on Diversification of Financial Instruments for Infrastructure and SMEs
10、G20/OECD关于基础设施融资工具多元化的支持报告
10. G20/OECD Support Note on Diversification of Financial Instruments for Infrastructure
11、G20/OECD关于中小企业融资工具多元化的支持报告
11. G20/OECD Support Note on Diversification of Financial Instruments for SMEs
12、G20/OECD关于落实《G20/OECD公司治理原则》的进展报告
[en]12. G20/OECD Progress Report on the Implementation of the G20/OECD Principles of Corporate Governance[/en]
13、G20/OECD关于制定有效方法以支持落实《G20/OECD中小企业融资高级原则》的进展报告
13. G20/OECD Progress Report on the Development of Effective Approaches to Support the Implementation of the G20/OECD High Level Principles on SME Financing
14、GIH PPP风险分担解析报告
14. Global Infrastructure Hub Report on Annotated Public-Private Partnership (PPP) Risk Allocation Matrices
15、G20国际金融架构工作组2016年最终报告
15. G20 International Financial Architecture Working Group 2016 Final Report
16、IMF关于SDR作用的初步报告
16. The IMF’s Note on Role of the SDR – Initial Consideration
17、FSB主席致G20财长和央行行长的信，2016年7月
17. FSB Chair’s Letter to G20 Finance Ministers and Central Bank Governors, July 2016
18、IMF-FSB-BIS关于有效宏观审慎政策要素：国际经验与教训报告草稿
18. IMF-FSB-BIS Draft Report on Elements of Effective Macroprudential Policies: Lessons from International Experience
19、BCBS-CPMI-FSB-IOSCO关于CCP联合工作计划的进展报告草稿
19. BCBS-CPMI-FSB-IOSCO Draft Progress Report under the Joint CCP Work Plan
20、FSB拟向G20提交的关于G20金融监管改革执行与效果年报草稿
20. FSB Draft Annual Report to the G20 on the Implementation and Effects of the G20 Financial Regulatory Reforms
21、G20数字普惠金融高级原则
21. G20 High-level Principles for Digital Financial Inclusion
22、G20中小企业融资行动计划落实框架
22. Implementation Framework of G20 SME Financing Action Plan
23、G20普惠金融指标（2016年更新）
23. G20 Financial Inclusion Indicators (2016 Update)
24、OECD秘书长提交给G20财长的报告
24. OECD Secretary General Report to G20 Finance Ministers
25、G20绿色金融综合报告
25. G20 Green Finance Synthesis Report
26、气候资金研究小组有关“以有效和透明的方式提供和动员气候资金以强化减缓和适应行动”的报告
26. Climate Finance study Group Report on “Promoting Efficient and Transparent Provision and Mobilization of Climate Finance to Enhance Ambition of Mitigation and Adaptation Actions”
27、气候资金研究小组有关“在发展援助和气候资金项目中实现气候变化因素主流化”的展望报告
27. Climate Finance study Group Outlook on “Mainstreaming Climate Change Considerations into Development Assistance and Climate Finance Programs”
28、国际组织应气候资金研究小组邀请准备的有关“促进气候资金有效和透明提供与动员”的工具箱
28. Toolkit prepared by Invited International Organizations for the Climate Finance study Group on Promoting Efficient and Transparent Provision and Mobilization of Climate Finance
29、FATF关于反恐融资、信息共享、透明度和受益所有权的报告
29. FATF Report to G20 on Counter-Terrorist Financing, Information Sharing, Transparency and Beneficial Ownership
30、IMF-OECD-UN-WBG关于在加强发展中国家税收能力领域增强外部支持有效性的联合报告
30. IMF-OECD-UN-WBG Joint Report on Enhancing the Effectiveness of External Support in Building Tax Capacity in Developing Countries
需进一步采取行动的事项：
Issues for further action
1、我们要求增长框架工作组根据深化结构性改革议程就G20结构性改革进展开展评估，要求OECD使用共同的指标体系并参考其他国际组织的意见，帮助评估G20在结构性改革优先领域取得的进展和面临的挑战，并起草一份技术报告。
1. We ask the FWG to conduct assessment of G20 structural reform progress in line with the Enhanced Structural Reform Agenda, and ask the OECD to help assess G20 progress and challenges within the structural reform priority areas by producing a technical report, with input from other international organizations, using the common set of indicators.
2、我们邀请OECD和IMF继续就预算收支结构开展工作，以支持提高生产率、包容性和增长。
2. We invite the OECD and the IMF to continue the work on the composition of budget expenditure and revenue to support productivity, inclusiveness and growth.
3、我们要求多边开发银行向我们定期报告包括动员私人投资在内的落实“支持基础设施投资行动的联合愿景声明”的进展。
3. We ask the MDBs to report back to us on the status of their “Joint Declaration of Aspirations on Actions to Support Infrastructure Investment”, including catalyzing private investment, on a regular basis.
4、我们要求多边开发银行2017年再次报告多边开发银行优化资产负债表行动计划的进展。
4. We ask the MDBs to report again in 2017 on continued progress against the MDB Balance Sheet Optimization Action Plan.
5、我们要求世界银行联系全球基础设施互联互通联盟的潜在成员，以确认他们的联盟成员身份，并期待在我们核准全球基础设施互联互通联盟倡议后一年内举行联盟成立大会。
5. We ask the WBG to reach out to potential members of the Global Infrastructure Connectivity Alliance to confirm their membership of the Alliance and expect the inaugural conference of the Alliance to be held within one year after our endorsement.
6、我们要求GIH与多边开发银行合作评估动员私人资金方面的内部激励，并于2016年12月向我们的副手报告。
6. We ask the Global Infrastructure Hub to work with the MDBs to assess internal incentives with regard to crowding in private finance and to report to our Deputies in December 2016.
7、我们期待IMF资本流动管理方面的工作，包括参考FSB、BIS和IMF关于宏观审慎政策的各国经验总结。
7. We look forward to the IMF’s work on capital flow management, including taking into account the joint work of the FSB, BIS and IMF on taking stock of country experiences on macroprudential policies.
8、我们期待IMF和FSB即将发布的关于数据缺口第二阶段倡议的进展报告，包括最终行动计划。
8. We look forward to the upcoming IMF/FSB progress report on the second phase of Data Gaps Initiative, including the finalized action plans.
9、我们要求IMF研究并报告将加强的合同条款纳入存量主权债中的成本和可行性。
9. We ask the IMF to explore and report on the cost and feasibility of the incorporation of the enhanced clauses in the existing stock of sovereign debts.
10、我们呼吁世界银行和IMF提出更多加强努力和合作的选项，为债务国和其面临的挑战提供有针地性的技术援助以加强其债务管理的能力，并在2017年向G20财长和央行行长报告。
10. We call on the WBG and the IMF to explore further options for an enhanced and coordinated effort on technical assistance tailored to debtor countries and challenges to enhance their debt management capacities, and ask them to report back to G20 Finance Ministers and Central Bank Governors in 2017.
11、我们呼吁进一步分析状态依存型债务工具，包括GDP挂钩债券的技术方法、机会和挑战，要求IMF与感兴趣的成员国一道，在2017年向G20财长和央行行长报告这一问题。
11. We call for further analysis of the technicalities, opportunities, and challenges of state-contingent debt instruments, including GDP-linked bonds, and ask the IMF, working with interested members, to report back on these issues to G20 Finance Ministers and Central Bank Governors in 2017.
12、我们期待IMF将于2017年1月发布的关于研究SDR如何加强国际货币体系作用的报告。
12. We look forward to the IMF’s paper on examining ways in which the SDR can contribute to strengthening the international monetary system by January 2017.
13、我们要求FSB与其他标准制定机构以及国际委员会协商，进一步监测并分析市场流动性状况，并汇报各国回购市场变化情况。
13. We ask the FSB, in consultation with other standard setters and international committees, to undertake further monitoring and analysis of market liquidity conditions, and to report on cross-jurisdiction developments in repo markets.
14、我们要求GPFI与相关组织合作，在2017年向我们汇报各国在国别层面采取的促进数字普惠金融的行动。
14. We ask the Global Partnership for Financial Inclusion, working with relevant organizations, to report back to us in 2017 on the actions being taken to promote digital financial inclusion at the country level.
15、我们期待在2017年初考虑FSB气候相关金融信息披露工作组第二阶段报告和建议，该工作组届时会就改善气候相关的信息披露提出建议。
15. We look forward to considering the phase II report and recommendations of the FSB’s Taskforce on Climate Financial Disclosures in early 2017, which will present its recommendations for better climate related disclosures.
16、根据明年G20主席国经商其他成员国确定的工作安排，我们2017年将继续就气候资金问题开展工作，目标是根据UNFCCC的原则、规定和目标并利用G20论坛的专长、知识和经验分享，为UNFCCC下所进行的讨论作出贡献。
16. We will continue working on climate finance in 2017 under the working arrangement of next year’s G20 Presidency, in consultation with other members, with the objective to contribute to the discussions held under the United Nations Framework Convention on Climate Change (UNFCCC) in accordance with the principles, provisions and objectives of the UNFCCC and by building on G20 fora expertise and knowledge and experiences sharing.
17、我们期待进一步讨论国际组织应气候资金研究小组邀请准备的有关“促进气候资金有效和透明提供与动员”的工具箱。
17. We look forward to further discussions on the toolkit prepared by invited international organizations for the CFSG on promoting efficient and transparent provision and mobilization of climate finance.
18、我们将根据明年G20主席国的工作安排，为G20正在开展的关于抗生素抗药性的工作提供支持，探讨应对潜在市场失灵的措施。
18. We will support the ongoing G20 work on Antimicrobial Resistance (AMR) under the working arrangement of next year’s G20 Presidency to explore measures to address the potential market failure.
19、我们期待收到G20/OECD关于制定有效方法以支持实施《G20/OECD中小企业融资高级原则》的报告。
19. We look forward to the G20/OECD Report on the Development of Effective Approaches to Support the Implementation of the G20/OECD High Level Principles on SME Financing.