China's Finance Minister Lou Jiwei said that several rounds of financial and monetary policy consultations this year ahead of the upcoming G20 summit have generated many results.

Financial and central bank officials from G20 members decided nine prioritized areas and 48 guiding principles for structural reforms, said Lou, calling the progress a "milestone".

The policy makers for the first time proposed using monetary, financial and structural reform measures to boost growth and stabilize outlook. They also agreed to push reforms of the World Bank and the International Monetary Fund.

These officials vowed to encourage multilateral development banks to expand infrastructure investment to enhance global connectivity, according to Lou.

They agreed to attach great significance to inclusive growth and help medium- and small-sized enterprises, the minister said.

They also pledged to avoid competitive devaluation of currencies and oppose any form of protectionism.

Tasks set for these consultations at the beginning of the year have been basically completed and the results will be submitted to the Hangzhou summit next month, said Lou.

(Xinhua News Agency August 28, 2016)