G20財長和央行行長會公報

G20財長和央行行長會公報
Communiqué:G20 Finance Ministers and Central Bank Governors Meeting

2016年7月23—24日，中國成都
23-24 July 2016, Chengdu, China
1、我們在成都舉行會議，審議在應對關鍵經濟挑戰方面的努力，以及年初以來所取得的進展。我們本着團結合作的精神密切開展工作，並就各項議程取得了切實成果,這些成果將提交杭州領導人峯會審議。
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、全球經濟持續復甦，但仍舊弱於預期。同時，增長成果應在國家內和國家間得到更廣泛的分享以促進包容性。全球經濟環境充滿挑戰，下行風險持續存在，突出表現在大宗商品價格波動以及許多經濟體低通脹。金融市場波動仍然很大，地緣政治衝突、恐怖主義和難民流動繼續使全球經濟環境複雜化。此外，英國脫歐公投結果也加大了全球經濟的不確定性。G20成員已經準備好積極應對英國公投帶來的潛在經濟和金融影響。今後，我們希望看到英國作爲歐盟的密切夥伴。
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、我們正在採取行動增強信心並促進增長。鑑於近期形勢變化，我們重申決心將各自以及共同使用所有政策工具，包括貨幣、財政和結構性改革政策，以實現我們的強勁、可持續、平衡和包容性增長的目標。貨幣政策將繼續支持經濟活動，保持價格穩定，與中央銀行的職責保持一致，但僅靠貨幣政策不能實現平衡增長。在強調結構性改革發揮關鍵作用的同時，我們還強調財政戰略對於促進實現我們共同的增長目標同樣重要。我們正在靈活實施財政政策，並實施更爲增長友好型的稅收政策和公共支出，包括優先支持高質量投資，同時增強經濟韌性並確保債務佔GDP的比重保持在可持續水平。此外，我們將繼續研究G20在必要時可採取的適合各國國情的政策措施，以支持增長和應對潛在風險，包括應對資產負債表的脆弱性。我們重申，匯率的過度波動和無序調整會影響經濟和金融穩定。我們將就外匯市場密切討論溝通。我們重申此前的匯率承諾，包括將避免競爭性貶值和不以競爭性目的來盯住匯率。我們將反對各種形式的保護主義。我們將仔細制定、清晰溝通我們在宏觀經濟和結構性改革方面的政策行爲，以減少政策的不確定性，減少負面溢出效應，並增加透明度。
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、關於結構性改革，我們覈准增長框架工作組準備的“深化結構性改革議程”，並讚賞經合組織（OECD）、國際貨幣基金組織（IMF）和其他相關國際組織提供有價值的意見。我們注意到結構性改革的選擇和設計應符合國家經濟情況。在4月確定的結構性改革九大優先領域的基礎上，我們制定了一套指導原則並達成一致。這套指導原則將爲各成員提供有用的高級別指導，同時允許各國照顧到本國具體國情。我們還就一套指標達成一致，以幫助監測和評估我們在結構性改革方面所做的努力及進展與挑戰，今後我們還將進一步強化該套指標。我們承諾實施並逐步完善“深化結構性改革議程”，並呼籲國際組織繼續提供支持。國際組織的初步評估和強化的同行審議結果顯示，我們在落實增長戰略方面取得了新的進展，但仍有大量工作需要推進。迅速和全面落實增長戰略對於支持經濟增長和實現布里斯班峯會制定的共同增長雄心仍然十分關鍵。在此基礎上，爲加倍努力，我們正在更新增長戰略以納入新的和調整的宏觀經濟及結構性政策措施，發揮二者相互支持以共同促進增長的作用。我們將在杭州峯會前完成增長戰略更新，並完成衡量我們增長雄心落實進展的問責報告。我們強調，開放的貿易政策和強勁、安全的全球貿易體系對促進全球經濟包容性增長具有重要意義，我們將採取進一步行動重振全球貿易和提升投資。我們還將致力於減少過度失衡，並在追求經濟增長的過程中提升包容性。
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、我們認識到全球經濟復甦緩慢和市場需求低迷使得包括一些行業產能過剩在內的結構性問題更加嚴重，這些問題對貿易和工人產生了負面影響。我們認識到，鋼鐵和其他行業的產能過剩是一個全球性問題，需要集體應對。我們也認識到，政府或政府支持的機構提供的補貼和其他類型的支持可能導致市場扭曲和造成全球產能過剩問題，因此需要予以關注。我們承諾加強溝通與合作，致力於採取有效措施應對上述調整，以加強市場功能和鼓勵調整。G20產鋼經濟體將參與國際社會應對全球產能過剩問題的行動，包括參與定於2016年9月8—9日召開的經合組織鋼鐵委員會會議，並討論成立一個全球論壇的可行性，將其作爲交流和分享全球產能動態、政府政策與支持措施信息的合作平臺。
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、爲支持我們的共同增長目標和2030年可持續發展議程，我們重申對推進投資議程的承諾，並將重點關注基礎設施發展，堅持數量與質量並重。多邊開發銀行在支持基礎設施投資方面具有獨特作用。我們已與多邊開發銀行進行了有效溝通，呼籲他們共同採取行動，支持基礎設施投資，並促進私人投資。爲此，我們歡迎11個多邊開發銀行在“支持基礎設施投資行動的聯合願景聲明”中做出的承諾，包括在各自機構的職責範圍內宣佈高質量基礎設施項目的量化目標，及其爲最大限度地提高基礎設施項目質量、加強項目儲備、增進新老多邊開發銀行的合作、提升發展中國家基礎設施投資的有利環境和動員私人投資所做努力。我們強調，高質量基礎設施投資非常重要，其旨在綜合考慮生命週期成本、安全性、抗自然災害的韌性、創造就業機會、能力建設以及知識和專業技能轉移的基礎上確保經濟效率，同時處理好項目的社會和環境影響，並與經濟和發展戰略相一致。我們歡迎多邊開發銀行對G20多邊開發銀行優化資產負債表行動計劃的迴應，號召進一步落實該行動計劃。加強互聯互通是21世紀全球經濟的必然要求，對促進可持續發展和共享繁榮具有關鍵作用。我們成立全球基礎設施互聯互通聯盟，以加強各個基礎設施互聯互通項目的整體協同與合作。我們要求世界銀行作爲聯盟祕書處，與全球基礎設施中心（GIH）、OECD、其他多邊開發銀行以及有興趣的G20成員一起開展工作，支持聯盟的活動。我們覈准《G20/OECD基礎設施和中小企業融資工具多元化政策指南文件》，並歡迎GIH完成《政府與社會資本合作（PPP）風險分擔解析報告》，以幫助發展中國家更好地評估基礎設施風險。我們支持有效落實《G20/OECD公司治理原則》和《G20/OECD中小企業融資高級原則》，特別是期待根據金融穩定理事會（FSB）對公司治理進行的同行審議，對《G20/OECD公司治理原則》的評估方法進行修訂。
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、我們支持國際組織持續努力，在現有和已倡議機制的基礎上，根據其職能和比較優勢，做出協調且有效的響應，爲所有地區、各種收入水平的發展中國家和中等收入國家的難民及其接收社區提供支持。我們期待在近期採取進一步措施。我們注意到世界銀行正在討論考慮建立一個全球危機應對平臺。我們呼籲加強人道主義援助和發展援助及難民安置，並通過相關國際組織加大對難民及其接收社區的支持力度。
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、我們覈准了國際金融架構工作組關於完善國際金融架構的建議。在相關國際組織工作的基礎上，我們將繼續改善關於資本流動的分析、監測和對資本流動過度波動帶來風險的管理。我們期待IMF在年底前完成關於應對資本流動的國別經驗和新問題的審議。我們注意到正在進行的對OECD資本流動通則的審議工作。我們支持進一步加強以強勁的、以份額爲基礎的、資源充足的IMF爲核心的全球金融安全網，提高IMF貸款工具的有效性、並在尊重各自職責的基礎上進一步加強IMF與區域金融安全網之間的有效合作。在此方面，我們歡迎即將開展的清邁倡議多邊化與IMF的聯合演練，並呼籲IMF就貸款工具開展更多的工作。我們期待2017年年會前完成第15次份額總檢查，包括形成一個新的份額公式。我們重申，份額調整應提高有活力的經濟體的份額佔比，以反映其在世界經濟中的相對地位，因此可能的結果是新興市場和發展中國家的份額佔比整體提高。我們期待世界銀行按照達成一致的路線圖和時間表實施股份審議，目標是逐漸實現平等投票權。我們強調促進有效且可持續的融資實踐的重要性，並將繼續改善債務重組進程。我們支持將加強的合同條款納入主權債中的持續努力。我們支持巴黎俱樂部作爲主要的國際官方雙邊債務重組平臺，討論一系列主權債問題，支持巴黎俱樂部持續吸納更多新興債權國，並歡迎韓國加入巴黎俱樂部。我們歡迎中國定期參加巴黎俱樂部會議，以及中方發揮更具建設性作用的意願，包括進一步討論潛在的成員身份問題。我們支持對擴大SDR的使用進行研究，如更廣泛地發佈以SDR作爲報告貨幣的財務和統計數據，以及發行SDR計價債券的可能性，從而增強韌性。我們呼籲國際組織進一步開展工作以支持本幣債券市場的發展，包括加強對低收入國家的支持。我們將國際金融架構工作組的職責延至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、近期市場動盪和不確定性再次凸顯建立開放且具抗風險能力金融體系的重要性。爲此，我們繼續承諾完成監管框架中剩餘的核心工作，以及及時、全面和一致地落實已議定的金融改革，包括巴塞爾協議III和總損失吸收能力（TLAC）標準，以及有效的跨境處置機制。我們重申支持巴塞爾銀行監管委員會（BCBS）在2016年底前完成巴塞爾協議III框架，在推動公平競爭的環境的同時，避免進一步大幅度提高整個銀行業的總體資本金要求。我們期待BCBS進行全面的定量影響分析，從而爲監管框架的最終設計和校準提供信息。我們將繼續加強監測改革落實情況及其效果，以確保其符合我們的總體目標，包括應對任何未預見到的重大後果。我們期待FSB擬在杭州峯會期間向領導人提交的關於金融監管改革執行與效果的第二份年報。我們將繼續應對保險業系統性風險的問題。我們歡迎針對國際活躍保險機構制定保險資本標準（ICS）的工作。我們歡迎IMF、FSB和BIS正在聯合進行的總結宏觀審慎框架和工具的國際經驗的工作，以幫助促進實施有效的宏觀審慎政策，並期待報告於杭州峯會前發佈。我們歡迎FSB就應對資產管理業務結構脆弱性的政策建議徵求意見。我們將繼續密切監測並在必要時應對金融體系中的新風險和脆弱性，包括與影子銀行、資產管理和其他市場化融資有關的風險。爲妥善應對代理行業務減少問題，我們期待擬向杭州峯會提交的由FSB協調的四項行動計劃的進展報告。G20期待進一步適當明確監管預期相關工作，包括10月份金融行動特別工作組（FATF）將討論代理行指引。我們呼籲G20 成員、IMF和世界銀行加大對各國能力建設的支持力度，從而幫助其改善全球反洗錢和反恐融資（AML/CFT）以及審慎標準的合規工作。我們鼓勵成員縮小在實施金融市場基礎設施原則方面的差距，並加快在場外衍生品市場改革方面的行動。根據我們已通過的工作計劃，我們期待那些關於中央對手抗風險能力、恢復計劃和可處置性的徵求意見稿在杭州峯會之前發佈。我們通過了由普惠金融全球合作伙伴（GPFI）制定的G20數字普惠金融高級原則、G20普惠金融指標體系升級版以及G20中小企業融資行動計劃落實框架。我們鼓勵各國在制定其更廣泛的普惠金融計劃時考慮這些原則，特別是數字普惠金融領域的計劃。
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、我們歡迎在日本京都召開的G20/OECD稅基侵蝕和利潤轉移（BEPS）包容性框架首次會議，特別是參與該框架成員十分廣泛，這將爲及時、持續和廣泛地落實G20/OECD的BEPS 項目並應對發展中國家面臨的特殊挑戰發揮關鍵作用。我們呼籲所有尚未就BEPS項目做出承諾的感興趣的相關國家和轄區做出承諾，並平等參與該框架。我們也歡迎近期在有效和廣泛落實國際公認的稅收透明度標準方面取得的進展。我們重申呼籲所有還未做出承諾的國家，包括所有金融中心和轄區立刻做出承諾，最遲在2018年前實施自動情報交換標準，並簽署多邊稅收行政互助公約。我們支持稅收透明度與情報交換全球論壇就自動情報交換的實施情況進行監督，並期待在今年年底前收到其報告。我們覈准OECD與G20成員合作提出的關於識別在稅收透明度方面不合作轄區的客觀標準建議。我們要求OECD在2017年6月前向我們報告轄區在稅收透明度上取得的進展，以及稅收透明度與情報交換全球論壇將如何管理國別審議進程，應對國家提出的補充審議要求，以便OECD在2017年7月G20領導人峯會前準備一份尚未在落實國際稅收透明度標準上取得滿意進展的轄區清單。對列入清單的轄區將考慮制定防禦性措施。我們鼓勵各國和國際組織幫助發展中國家加強稅收能力建設，爲此，我們對IMF、OECD、聯合國和世界銀行成立的新的稅收合作平臺，以及這些機構關於支持稅收改革的有效技術援助機制的建議表示認可。我們期待在2017年年中收到相關進展更新情況。我們支持亞的斯稅收倡議的原則。我們認識到非法資金流動對各國經濟都會產生巨大負面影響，並將繼續推進G20在這方面的工作。
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、我們認識到稅收政策在更廣泛的強勁、可持續和平衡增長議程中發揮着重要作用，也認識到公平、高效的國際稅收環境對減少稅收體系衝突的重要作用。正如我們在G20稅收高級別研討會討論中所強調的，我們重視稅收政策工具在促進創新驅動和包容性增長的供給側結構性改革上的有效性，也重視稅收確定性對於促進投資和貿易的益處。爲此，我們要求OECD和IMF繼續在促增長的稅收政策和提高稅收確定性方面開展工作。
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、我們重申要求FATF和稅收透明度與情報交換全球論壇在我們10月會議前，就如何加強國際透明度標準實施，包括獲取法人和法律安排的受益所有權信息並開展跨國信息交換提出初步建議。
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、我們對近期的恐怖襲擊表示最強烈譴責。我們重申將保持團結一致，並決心打擊所有形式的恐怖主義，無論發生在哪裏。我們將應對恐怖融資的所有來源、技術和渠道。我們歡迎FATF在實施其打擊恐怖融資新綜合戰略方面取得的進展，並呼籲有效落實其操作計劃。在世界範圍內快速、有效地落實FATF標準是當務之急。這就要求加強FATF的引導力，提高FATF網絡以及與FATF類似的區域機構的有效性。我們呼籲FATF在2017年3月前就如何在這些領域取得進展向我們彙報。
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、我們認識到，爲支持在環境可持續前提下的全球發展，有必要擴大綠色投融資。我們歡迎綠色金融研究小組提交的《G20綠色金融綜合報告》和由其倡議的自願可選措施，以增強金融體系動員私人資本開展綠色投資的能力。具體來說，我們相信可通過以下努力來發展綠色金融：提供清晰的戰略性政策信號與框架，推動綠色金融的自願原則，擴大能力建設學習網絡，支持本地綠色債券市場發展，開展國際合作以推動跨境綠色債券投資，鼓勵並推動在環境與金融風險領域的知識共享，改善對綠色金融活動及其影響的評估方法。
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、我們歡迎一些國家爲幫助氣候變化《巴黎協定》儘快生效所已採取的國內措施，同時鼓勵其他國家這樣做。我們重申呼籲及時實施氣候變化《巴黎協定》，落實發達國家和國際組織就氣候資金所作的承諾和其他國家就氣候資金所作的聲明。我們歡迎氣候資金研究小組有關“以有效和透明的方式提供和動員氣候資金以強化減緩和適應行動”的報告，並注意到有關“在發展援助和氣候資金項目中實現氣候變化因素主流化”的展望報告。根據明年G20主席國經商其他成員國確定的工作安排，我們2017年將繼續就氣候資金問題開展工作，目標是利用G20論壇的專長、知識和經驗分享，爲《聯合國氣候變化框架公約》（UNFCCC）下所進行的討論作出貢獻。
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、我們重申致力於在中期規範並逐步取消低效的、鼓勵浪費的化石燃料補貼，並認識到有必要爲貧困人口提供支持。此外，我們鼓勵所有G20成員考慮參與低效的、鼓勵浪費的化石燃料補貼自願同行審議。
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
已收到的報告：
Reports received
1、IMF監測報告和關於G20國家結構性改革優先重點的背景文件
1. IMF Surveillance Note and the Background Note on Priorities for Structural Reforms in G20 Countries

2、增長框架工作組關於G20深化結構性改革議程的報告
2. FWG Report on the G20 Enhanced Structural Reform Agenda

3、IMF關於重振貿易以支持增長的下一步路徑的報告
3. IMF Note – Reinvigorating Trade to Support Growth: A Path Forward

4、OECD關於投資進展和政策挑戰的報告
4. OECD Note on Developments in Investment and Policy Challenges

5、OECD關於貿易進展和政策挑戰的報告
5. OECD Note on Developments in Trade and Policy Challenges

6、多邊開發銀行支持基礎設施投資行動的聯合願景聲明
6. MDBs’ Joint Declaration of Aspirations on Actions to Support Infrastructure Investment

7、多邊開發銀行對G20多邊開發銀行優化資產負債表行動計劃的迴應
7. MDB Response to the G20 MDB Balance Sheet Optimisation Action Plan

8、全球基礎設施互聯互通聯盟倡議
8. Global Infrastructure Connectivity Alliance Initiative

9、G20/OECD關於基礎設施和中小企業融資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關於基礎設施融資工具多元化的支持報告
10. G20/OECD Support Note on Diversification of Financial Instruments for Infrastructure

11、G20/OECD關於中小企業融資工具多元化的支持報告
11. G20/OECD Support Note on Diversification of Financial Instruments for SMEs

12、G20/OECD關於落實《G20/OECD公司治理原則》的進展報告
[en]12. G20/OECD Progress Report on the Implementation of the G20/OECD Principles of Corporate Governance[/en]

13、G20/OECD關於制定有效方法以支持落實《G20/OECD中小企業融資高級原則》的進展報告
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風險分擔解析報告
14. Global Infrastructure Hub Report on Annotated Public-Private Partnership (PPP) Risk Allocation Matrices
15、G20國際金融架構工作組2016年最終報告
15. G20 International Financial Architecture Working Group 2016 Final Report
16、IMF關於SDR作用的初步報告
16. The IMF’s Note on Role of the SDR – Initial Consideration
17、FSB主席致G20財長和央行行長的信，2016年7月
17. FSB Chair’s Letter to G20 Finance Ministers and Central Bank Governors, July 2016
18、IMF-FSB-BIS關於有效宏觀審慎政策要素：國際經驗與教訓報告草稿
18. IMF-FSB-BIS Draft Report on Elements of Effective Macroprudential Policies: Lessons from International Experience

19、BCBS-CPMI-FSB-IOSCO關於CCP聯合工作計劃的進展報告草稿
19. BCBS-CPMI-FSB-IOSCO Draft Progress Report under the Joint CCP Work Plan

20、FSB擬向G20提交的關於G20金融監管改革執行與效果年報草稿
20. FSB Draft Annual Report to the G20 on the Implementation and Effects of the G20 Financial Regulatory Reforms

21、G20數字普惠金融高級原則
21. G20 High-level Principles for Digital Financial Inclusion

22、G20中小企業融資行動計劃落實框架
22. Implementation Framework of G20 SME Financing Action Plan

23、G20普惠金融指標（2016年更新）
23. G20 Financial Inclusion Indicators (2016 Update)
24、OECD祕書長提交給G20財長的報告
24. OECD Secretary General Report to G20 Finance Ministers
25、G20綠色金融綜合報告
25. G20 Green Finance Synthesis Report
26、氣候資金研究小組有關“以有效和透明的方式提供和動員氣候資金以強化減緩和適應行動”的報告
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、氣候資金研究小組有關“在發展援助和氣候資金項目中實現氣候變化因素主流化”的展望報告
27. Climate Finance study Group Outlook on “Mainstreaming Climate Change Considerations into Development Assistance and Climate Finance Programs”

28、國際組織應氣候資金研究小組邀請準備的有關“促進氣候資金有效和透明提供與動員”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關於反恐融資、信息共享、透明度和受益所有權的報告
29. FATF Report to G20 on Counter-Terrorist Financing, Information Sharing, Transparency and Beneficial Ownership

30、IMF-OECD-UN-WBG關於在加強發展中國家稅收能力領域增強外部支持有效性的聯合報告
30. IMF-OECD-UN-WBG Joint Report on Enhancing the Effectiveness of External Support in Building Tax Capacity in Developing Countries

需進一步採取行動的事項：
Issues for further action

1、我們要求增長框架工作組根據深化結構性改革議程就G20結構性改革進展開展評估，要求OECD使用共同的指標體系並參考其他國際組織的意見，幫助評估G20在結構性改革優先領域取得的進展和麪臨的挑戰，並起草一份技術報告。
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、我們邀請OECD和IMF繼續就預算收支結構開展工作，以支持提高生產率、包容性和增長。
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、我們要求多邊開發銀行向我們定期報告包括動員私人投資在內的落實“支持基礎設施投資行動的聯合願景聲明”的進展。
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、我們要求多邊開發銀行2017年再次報告多邊開發銀行優化資產負債表行動計劃的進展。
4. We ask the MDBs to report again in 2017 on continued progress against the MDB Balance Sheet Optimization Action Plan.
5、我們要求世界銀行聯繫全球基礎設施互聯互通聯盟的潛在成員，以確認他們的聯盟成員身份，並期待在我們覈准全球基礎設施互聯互通聯盟倡議後一年內舉行聯盟成立大會。
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、我們要求GIH與多邊開發銀行合作評估動員私人資金方面的內部激勵，並於2016年12月向我們的副手報告。
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、我們期待IMF資本流動管理方面的工作，包括參考FSB、BIS和IMF關於宏觀審慎政策的各國經驗總結。
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、我們期待IMF和FSB即將發佈的關於數據缺口第二階段倡議的進展報告，包括最終行動計劃。
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、我們要求IMF研究並報告將加強的合同條款納入存量主權債中的成本和可行性。
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、我們呼籲世界銀行和IMF提出更多加強努力和合作的選項，爲債務國和其面臨的挑戰提供有針地性的技術援助以加強其債務管理的能力，並在2017年向G20財長和央行行長報告。
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、我們呼籲進一步分析狀態依存型債務工具，包括GDP掛鉤債券的技術方法、機會和挑戰，要求IMF與感興趣的成員國一道，在2017年向G20財長和央行行長報告這一問題。
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、我們期待IMF將於2017年1月發佈的關於研究SDR如何加強國際貨幣體系作用的報告。
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、我們要求FSB與其他標準制定機構以及國際委員會協商，進一步監測並分析市場流動性狀況，並彙報各國回購市場變化情況。
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、我們要求GPFI與相關組織合作，在2017年向我們彙報各國在國別層面採取的促進數字普惠金融的行動。
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、我們期待在2017年初考慮FSB氣候相關金融信息披露工作組第二階段報告和建議，該工作組屆時會就改善氣候相關的信息披露提出建議。
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、根據明年G20主席國經商其他成員國確定的工作安排，我們2017年將繼續就氣候資金問題開展工作，目標是根據UNFCCC的原則、規定和目標並利用G20論壇的專長、知識和經驗分享，爲UNFCCC下所進行的討論作出貢獻。
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、我們期待進一步討論國際組織應氣候資金研究小組邀請準備的有關“促進氣候資金有效和透明提供與動員”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、我們將根據明年G20主席國的工作安排，爲G20正在開展的關於抗生素抗藥性的工作提供支持，探討應對潛在市場失靈的措施。
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、我們期待收到G20/OECD關於制定有效方法以支持實施《G20/OECD中小企業融資高級原則》的報告。
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.