Chinese government officials claim that the stock market meltdown in that country is over, and that the rest of the world can expect greater stability from Chinese financial markets in the future. China Central Bank Governor Zhou Xiaochuan told the Joint Meeting of G20 Finance and Labour Ministers in Ankara on Friday that the stock-market bubble in his country had “burst”. According to a Japanese finance ministry official attending the meeting, the Chinese central banker used the word “burst” three times in his explanation of what is going on with the stock markets. Of note, China's main equity index, the Shanghai Composite, is down close to 40% since hitting a three-year high earlier this summer. More on China at Ankara G20 meeting Several sources are reporting the Chinese delegation at the Ankara G20 meeting said they were shifting to a different economic growth model and trying to minimize disruptions. They argued that they were working to lower indebtedness and are planning new policies that will help control stock market volatility. “China is definitely trying to play a constructive role,” Canada's Finance Minister Joe Oliver commented in a presser Friday. “It is the second-largest economy in the world and so when it slows down it has global implications. That is I think what we are dealing with.” China explains yuan devaluation One source who attended the meeting said he China central bank governor told the group that its currency devaluation wasn’t an effort to take exports from other countries and that explanation was accepted by the other leaders, according to an article by Greg Quinn, James Mayger, and Sharon Chen of Bloomberg News. “No one can predict exactly on the market volatility, but I’m confident that the renminbi exchange rate will be more or less stable around the equilibrium level,” Yi Gang, China’s deputy central bank governor, noted in an interview. “The Chinese economy’s fundamentals are fine.” Bloomberg states: Another official present at the talks said China had presented the country’s situation as a new normal. “It wasn’t enough,” Aso told reporters. “They may have tried to be constructive, but they weren’t detailed enough.” Statement on Saturday from PBOC A new statement posted on the PBOC's website on Saturday claimed that the recent government intervention in the stock markets had minimized systemic risk and stopped the fall in share prices. The statement was attributed to PBOC Governor Zhou, who also went on to note that the yuan’s exchange rate versus the dollar will be more stable in the future. Below is a copy of the statement using Google Inc (NASDAQ:GOOG) translate (it appears that the statement is not on the English version of the website...): September 4, 2015 to 5, the Group of Twenty (G20) finance ministers and central bank governors meeting in the Turkish capital Ankara. The meeting mainly discussed the current issues of global economic situation, growth framework, investment and infrastructure, international financial architecture, financial sector reform and international tax cooperation and issued a joint communique. People's Bank of China Governor Zhou Xiaochuan and Finance Minister Lou Jiwei, Chinese delegation to attend the meeting. Conference believes that the current number of the country's economic strength, but the global economic growth is still lower than expected. Conference pledged to take decisive action to promote global economic track, and speed up the recovery of the global economy confidence. The meeting... More