XIANGHE, Hebei, Oct. 16(Xinhuanet)-- Finance ministers and central bank governors from the Group of 20 countries ended their annual meeting here Sunday. A communique was released after the meeting.

The following are the full text of the Communique: Meeting of Finance Ministers and Central Bank Governors Xianghe, Hebei, China, October 15-16, 2005

1. We, the Finance Ministers and Central Bank Governors of the G-20, held our seventh meeting in Xianghe, Hebei province, China. Under the theme of"Global Cooperation: Promoting Balanced and Orderly World Economic Development", we discussed a wide variety of critical global economic issues and reconfirmed our shared vision and responsibility for achieving balanced and sustainable growth.

2. We welcomed the ongoing expansion of the world economy, while recognizing low growth and increasing poverty in some developing countries. We also emphasized that the risks-- long lasting high and volatile oil price, widening global imbalances and rising protectionist sentiments-- are to the downside and could exacerbate uncertainties and aggravate global economic and financial vulnerabilities. We agreed addressing them must be done in a way that sustains strong global economic growth and takes account of shared responsibilities. Bearing in mind our shared responsibilities, we are determined to implement the necessary fiscal, monetary and exchange rate policies, and accelerate structural adjustments to resolve these imbalances and overcome these risks.

3. We are concerned that long lasting high and volatile oil prices could increase inflationary pressures, slow down growth, and cause instability in the global economy. We agree to strengthen our cooperation on these issues and stress the need to increase investment, production, and refining capacities, and to enhance dialogue between oil suppliers and consumers through the relevant for a, such as International Energy Forum(IEF). We also need to strengthen oil market transparency to improve market efficiency. We stress the importance of promoting energy conservation and efficiency, including adopting and transferring new technologies, developing alternative and renewable energy sources, and reducing subsidies on oil products. We welcome the work launched by the World Bank and partners on the creation of a long-term investment framework for clean energy and sustainable development and the upcoming creation by the IMF of a new window in the Poverty Reduction and Growth Facility(PRGF) to help poor countries respond to commodity shocks, including oil price hikes.

4. We agreed a successful WTO Doha Development Round is critical for ensuring globalization truly benefits all countries, and would make a key contribution to achieving the Millennium Development Goals(MDGs). We urge all parties concerned to provide the necessary political impetus to promote trade liberalization, fight protectionism, and make real progress at the WTO Ministerial Conference to be held in Hong Kong, China, later this year, with the view to concluding the negotiations by the end of 2006. We are committed to significantly increasing market access for goods and services, reducing trade-distorting domestic support, eliminating all forms of export subsidies in agriculture, providing effective special and differential treatment for developing countries, and increasing aid for trade to enhance the capacity of developing countries to take advantage of expanded trade opportunities.