×

CCTV Script 22/09/14

— This is the script of CNBC's news report for China's CCTV on September 22, Monday.

Welcome to the CNBC Business Daily, I'm Qian Chen.

The G-20 is a step closer to its goal of boosting global growth by 2 percentage points over the next five years... BUT says weakness in Europe could be a problem.

CNBC's Matthew Taylor caught up with IMF's Christine Lagarde on those targets.

[CHRISTINE LAGARDE/Managing Director, International Monetary Fund] "That's the commitment, that's the goal. The fact that the fin mins have achieved a global commitment of 1.8% additional growth by the baseline is a strong indication that they will hit the 2% target. Because I can't see how by being 10% away from the target they would arrive at the Brisbane leaders summit without having reached the 2% target. So I'm confident they will get there… but it's not the end of the road."

EVEN THOUGH FIRST FEW LINES OF COMMUNIQUE TALK ABOUT DOWNSIDE RISKS DUE TO GEOPOLITICAL TENSIONS, AND WE'RE FURTHER AWAY (GROWTH WISE) THAN WE WERE WHEN WE CAME UP WITH THE TARGET IN FEB?

[CHRISTINE LAGARDE] "Yes, everything there has been discussed and is clearly part of the landscape which fin mins from the g20 countries must organise their budget, decide their policies and address the key concern that everyone has at the moment which is "what growth will deliver the jobs around the world which are so badly needed, especially for young people"? There was a lot of talk about it, and My thoughts for the IMF is that leaders will be able to identify labour market reforms likely to unleash more growth and job potentials. That's the area I hope the fin mins will focus a bit more."

I WANNA SPEAK ABOUT EUROPE - SOME PARTS NEED TO DO MORE IN PARTICULAR GERMANY. SHOULD THEY DO MORE IN YOUR OPINION?

[CHRISTINE LAGARDE] "A country like Germany definitely has a surplus and is balancing its budget. It is committing to invest in infrastructure, which clearly is needed, and there is slack in the economy that will allow that and will help the Euro Zone. Now, the more they can do, the better, but equally they have to be mindful of the equilibrium they must have on their domestic market. So I would say that it's a mixed bag of different reforms, structural reforms, different policy mix, based on monetary policy that is going to come back to normal for some, continue to be accommodating for others. More budget neutral for those countries in deficit and a bit of expansion for those that can afford it. But it's going to be a recipe on a on the per-country basis, not across the board."

I'm Qian Chen, reporting from CNBC's Asian headquarters.

Follow us on Twitter: @CNBCWorld