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History of G20 Summit


05-27-2016 19:29 BJT

Full coverage: G20 Hangzhou Summit

As a major multi-lateral global forum, the G20 Summit has been shouldering the responsibility of maintaining world economy order since its establishment. To get a better understanding about the G20, let's take a quick look at past summits.

The G20 consists of 20 major economies -- 19 individual countries and the European Union.

It was initiated in 1999. At first, the G20 meetings involved only finance ministers and central bank governors, who discussed financial and monetary policies, as well as world economic development.

However, following the outbreak of a global financial crisis in 2008, the US proposed to upgrade it to a leaders' summit.

The first G20 Leaders’ Summit was held in November 2008 in the United States, in Washington D.C., focusing on strengthening financial regulation.

In September 2009, the Pittsburgh Summit made a milestone announcement, defining the G20 as the premier forum for international economic cooperation.

The last Summit was held in Antalya, Turkey in November 2015. During the summit, China announced it will hold the next G20 Summit in Hangzhou in September 2016.

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