China's central bank backs G20 action plan to curb COVID-19 impact

China's central bank governor Yi Gang has pledged to support the development of a well-coordinated and comprehensive action plan of the Group of 20 (G20) to better address the impact of the novel coronavirus disease (COVID-19).

Yi made the remarks on March 31 during a virtual meeting of G20 finance ministers and central bank governors, which agreed to develop the G20 Action Plan in Response to COVID-19 in a timely manner to coordinate G20 policy measures, according to a statement released on April 1 on the website of the People's Bank of China.

China supported the strengthening of the global financial safety net to better help emerging markets and developing economies to fight the pandemic and safeguard the stability of the global economy and financial markets, Yi said.

Yi also said a synchronized policy mix, in particular those measures targeting small and medium-sized enterprises, would help address the impact of COVID-19 in the short term and bolster long-term economic recovery.

The action plan will outline the individual and collective actions that G20 has taken and will be taking to respond to the COVID-19 pandemic, while also highlighting the needed medium-term measures to support the global economy during and after this phase, according to an official press release of the meeting.