Lou Jiwei, China's Minister of Finance speaks at the High-level Tax Symposium held in Chengdu in Southwestern China's Sichuan province, July 23, 2016. [Photo/Agencies]

Major economies should strengthen cooperation to improve transparency and efficiency while applying fiscal policies, China's Finance Minister Lou Jiwei said Saturday at a high-level tax symposium on the sidelines of the two-day meeting of G20 finance ministers and central bankers.

He also highlighted major challenges including how to reduce taxation uncertainties, reduce investment barriers, how to better spur innovation using fiscal policies, and cracking down cross-border tax evasion and tax avoidance.