A view of the meeting room one day before the start of the G20 Finance Ministers and Central Bank Governors Meeting in Shanghai on Feb. 25, 2016. AFP PHOTO / POOL / ROLEX DELA PENA
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China sought to restore confidence in its economy as financial leaders from G20 nations gathered in Shanghai Friday, but Germany all but ruled out any coordinated stimulus to counter a deepening global chill.Finance ministers and central bankers have called for better policy coordination to counter a sputtering global economy and volatile financial markets, but disagreed about what steps to take, making it unlikely that concrete action points will emerge from the meeting.Overhanging the summit are global concerns about China's ability to manage its domestic markets, currency and commitment to wider restructuring reforms.Zhou said the latest economic data shows positive signs for China's growth in 2016 and that interest rates would play a more important policy role in dealing with downside risks.Few in the G20, however, are underestimating China's economic challenges.International Monetary Fund (IMF) chief Christine Lagarde said China faced an "overwhelming" agenda of structural reforms as its leaders open up financial markets and move the economy away from debt-fueled investment.Beyond China, Schaeuble stressed it was necessary for global economies to continue with financial regulation, implement structural reforms, and to make markets less volatile.
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