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CHENGDU, July 23 -- G20 should play a leading role in improving the international tax governance and support the development of a new international tax system, China's Finance Minister Lou Jiwei said Saturday.

Lou was speaking at a meeting of G20 finance ministers and central bank governors in Chengdu, capital city of southwestern China's Sichuan Province.

G20 should continuously expand and deepen international tax coordination and cooperation, and support the development of a new international tax system which is fair, equal, inclusive and organized, according to Lou.

It is the first time for China to put forward the idea of "a new international tax system".

Lou also said that the effectiveness of fiscal and monetary policies is diminishing and major economies should deepen coordination to promote sustainable, balanced growth.