BUENOS AIRES: One key issue discussed among finance ministers at the G20 Leaders' Summit was how to build a more resilient financial system at a national, regional and global level, Singapore Finance Minister Heng Swee Keat said at the end of the two-day event in Buenos Aires, Argentina on Sunday (Dec 2).
The issue comes amid growing concerns about the financial market, particularly with current rising trade tensions and a potential market correction and economic downturn.
“There is concern about the current state of the financial market. In particular, the risk of building up, and we have had a prolonged period of economic upturn,” Mr Heng told reporters at the end of the summit.
“The question is: 'When is the downturn coming?', and 'How do we prepare for that?'”
Mr Heng said that financial regulation and supervision have vastly improved since the last global financial crisis, but more safety nets can be put in place at a national, regional, and global level.
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