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Full text of Agreed actions to implement G20 Accord for Sustained Growth
2005-10-16 07:30:50 XinhuaEnglish

XIANGHE, Hebei, Oct. 16(Xinhuanet)-- Finance ministers and central bank governors from the Group of 20 countries ended their annual meeting here Sunday. Agreed actions to implement the G20 Accord for Sustained Growth was released after the meeting.

The following are the full text of Agreed actions to implement the G20 Accord for Sustained Growth:

1. We, the Finance Ministers and Central Bank Governors, have adopted the reform agenda below that translates our G20 Accord for Sustained Growth into concrete policy measures for our countries.

2. The United States has seen important developments in tax, trade, corporate governance, education, and energy policies to enhance growth. Future tax, health, and pension policies could further support growth. Proposed reforms in pension funding include improvements in calculating and disclosing pension liabilities and restricting benefit increases. Healthcare reforms have also been proposed. Canada is focused on jobs, economic growth, and prosperity. It is committed to maintaining balanced budgets and sound monetary policy, building a highly-skilled, adaptable and inclusive workforce, encouraging greater private sector involvement in research and development, making the regulatory system more transparent, accountable and adaptable and maintaining a fair, efficient and competitive tax system. Argentina is emphasizing the need to correct imbalances as evidenced by capital flow instability and foreign exchange crises,and distortions of free international commerce through taxes and subsidies. Brazil will continue to strengthen its sound macroeconomic framework, which has already resulted in higher growth, sustained price stability and significant job creation, while improving the quality of public expenditure. For Mexico high priority is placed on achieving the equilibrium between public revenue and expenditure. Mexico is also determined to invest in physical and human capital, reduce poverty and inequality, including through public expenditure that emphasizes social development and infrastructure.

3. Members of the European Union are committed to further reforming labour markets, to consolidating public finances and pension systems, to enhancing innovation and to completing the single market. Germany will continue to make its tax system more competitive, fully implement labour market reform, push forward the reform of the health and pension system, and ensure fiscal sustainability. France is implementing further major structural reforms aimed at increasing labour market participation through an enhanced income tax credit, strengthening the labour market through making more flexible labour contracts available to small firms, creating incentives for better public-private partnerships for R&D investments, and consolidating fiscal sustainability. To enhance productivity and competitiveness, Italy plans to prioritize simplification of administrative procedures, further liberalization in the energy market, investment in research and innovation and scientific and technical education. The United Kingdom is committed to entrenching stability and to building a flexible, enterprising economy with a highly skilled workforce and a strong science and innovation sector. It is determined to ensure fairness alongside flexibility, providing security and support for those that need it. It is also delivering lasting improvements in public services through sustained investment and reform.

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