XIANGHE, China - The G20 group of rich and developing nations vowed on Sunday to pursue coherent policies in a world of increasingly global business and trade where high oil prices and protectionism threaten growth and prosperity.
In a communique published after a two-day meeting, G20 finance ministers and central bank chiefs agreed to adopt appropriate policies and speed up the pace of structural change needed to make global economic growth more lasting and stable.
"Bearing in mind our share of 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," it said.
The joint communique, endorsed by rich countries including the United States and France and others such as China, India, Brazil and Saudi Arabia, voiced concern about high oil prices as a risk in terms of both inflation and lost economic growth.
"We welcomed the ongoing expansion of the world economy, while recognising low growth and increasing poverty in some developing countries," the communique said.
"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," it said.
Imbalances in the global economy and rising protectionism also raised uncertainty, it said.
The G20 stressed the need to promote energy saving and alternative sources of energy and to reduce subsidies on oil products.
REUTERS NEWS SERVICE
