G20 summit meeting in Mexico

Sun Nov 4, 2012 6:53pm EST

The following are highlights of comments by leaders and officials at the Group of 20 finance ministers and central bankers meeting in Mexico City on Sunday. For a TAKE A LOOK of the G20 meeting:

JAPANESE FINANCE MINISTER KORIKI JOJIMA

"I'll tell the G20 about Japan's economic situation as we are at a critical stage of rebuilding (from last year's quake). Of course we'll assert our stance on global economy as well."

AUSTRALIAN TREASURER WAYNE SWAN

ON THE GLOBAL ECONOMY:

"There are a number of challenges in the global economy, you've got recession in Europe and no prospect of any substantial growth and you do have the challenge of the US fiscal cliff. I'm very hopeful as many others are that that is dealt with swiftly following the presidential election but the fact that there is recession in Europe, and that growth is very tepid in the United States what we are now seeing is a slowdown in global growth and of course global growth with a 3 in front of it just doesn't cut the mustard."

"The challenge is how to reinvigorate growth with structural reforms to lift productivity and I believe that's what we should focus on through the G20."

ON BALANCE BETWEEN AUSTERITY AND GROWTH:

"Whilst it's important that we focus on the immediate challenges in some countries I think what we need is medium term fiscal priorities which recognize that we need growth in the short term but fiscal consolidation in the medium and longer term."

ON CHINA'S ECONOMY:

"Much of the discussion about the growth rate in China doesn't appreciate the fact that the Chinese economy is now 40 percent larger than it was at the end of 2007."

"If it's 40 percent larger and the growth rate is 7 or 8 (percent) they are still making a very significant contribution to global growth."

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