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G20 leaders start Pittsburgh Summit
(Xinhua)
Updated: 2009-09-25 23:24 PITTSBURGH: Chinese President Hu Jintao and leaders of other members of the Group of Twenty (G20) started a summit here Friday to discuss actions to promote a recovery from the world economic and financial crisis.
The Pittsburgh Summit is the third of its kind following the previous two gatherings in Washington last November and in London in April this year in the aftermath of a severe financial crisis and economic downturn around the globe.
At the Pittsburgh Summit, leaders from countries around the world that represent 85 percent of the world's economy will review the progress made since the Washington and London summits. The leaders, according to the US government, the host of the summit, will "discuss further actions to assure a sound and sustainable recovery from the global financial and economic crisis." "The Pittsburgh Summit is an important opportunity to continue the hard work that we have done in confronting the global economic crisis, and renewing prosperity for out people," US President Barack Obama said in a statement on the summit on September 8. "Together, we will review the progress we have made, assess what more needs to be done, and discuss what we can do together to lay the groundwork for balanced and sustainable economic growth," he said. The Chinese president is expected to outline China's stand on how to promote the world economic recovery, how to reform the international financial system, and how to achieve a balanced and sustainable growth, China's Vice Foreign Minister He Yafei said at a press briefing on September 15. China expects the summit to achieve positive results in macro-economic policy coordination, reform of international financial organization, common development and measures against protectionism, he said. The diplomat voiced his hope that the summit would actively advance reform of governance of international financial institutions by giving a greater say and representation to the developing countries and emerging economies. The G20 was established in 1999 to bring together major industrialized and developing economies to discuss key issues concerning the global economy. The G20 consists of Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, Britain, the United States, and the European Union. |
