(VOVworld) – The G20 Finance Ministers and Central Bank Governors Meeting opened on Friday in Shanghai to urge policy coordination.

Laying the groundwork. Workers prepare for this week’s meeting. (Photo: EPA/ROLEX DELA PENA/POOL)

In a video message to the meeting, Chinese Premier Li Keqiang called for closer macroeconomic policy coordination among G20 members and suggested that structural reform was the best way to sustain economic growth in G20 countries. He said China support using monetary policy to promote economic growth. But German Minister of Finance Wolfgang Schaeuble said that efforts to boost economic growth via loosening monetary policy might be counter-productive. Schaeuble said the debt financed growth model has reached its limit, adding that only reforms could increase economic growth. French Finance Minister Michel Sapin and US Treasury Secretary Jacob Lew also said that the current economic situation is not a crisis and added it’s not necessary to carry out a new policy.