The best response to global slowdown is to "keep doing what we have been doing, boosting trade and investment links with the world," he added.
Jack Lew, the U.S. Treasury Secretary, has called on more fiscally disciplined countries, such as Germany, to to do more to help the global recovery pick up.
However, Osborne poured cold water on the suggestion, adding that putting too much pressure on countries with a surplus would not achieve much and that Germany was "part of the solution" for the world economy and not the problem.
The impact of China's softening economy was also acknowledged by Standard & Poor's Chief Global Economist, Paul Sheard.
"Clearly the global economy has slowed and China of course has been a big part of that and there's some nervousness there," he told CNBC in Lima.
"We're looking at a global economy that stabilises, gets through this rough patch and is moving up again next year."
However, Klaus Regling, managing director the euro zone's bailout fund the European Stability Mechanism, added that some countries had more to do when it came to fiscal discipline.
"Some countries have more to do on the fiscal side. I'm not talking about Europe now but also among the emerging markets. Some may be able to do something, others will have to be more careful."