China's fiscal risk is controllable as it aims for a balanced economy, a senior finance official said Friday in a call for "growth-friendly" fiscal consolidation of the world economy.
"According to some indicators, the fiscal risk China is facing is controllable, and China's fiscal development retains sound momentum," said Vice Finance Minister Zhu Guangyao at a news briefing on the fourth Group of 20 (G20) summit.
China's budget deficit accounted for 2.9 percent of GDP in 2009 and was expected to stand at 2.8 percent this year, said Zhu.
"Even facing healthy and sound momentum, the Chinese government attaches importance to balanced and stable economic development," said Zhu.
Fiscal consolidation would be a major topic at the Toronto summit, and the G20 leaders would discuss how to maintain robust, sustainable and balanced economic growth, said Zhu.
Some European Union (EU) member states have announced austerity plans to cut public deficits in a bid to restore investor confidence in their economies and in the euro, but the fiscal consolidation measures have drawn strong opposition.
Zhu said the global economy was undergoing gradual recovery, but still facing some uncertainties, especially with the European debt crisis./.