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Sub-anchor: G20 on global governance


08-05-2016 16:45 BJT

Full coverage: G20 Hangzhou Summit

Member countries of the Group of Twenty are aiming to transform the G20 from a crisis response mechanism into a long term governance platform.

Financial regulation has been central to the G20 since the first leaders' summit in 2008. G20 members have promised to establish a forceful and more coordinated framework for financial discipline. The Financial Stability Board was created in 2009 to monitor and make recommendations about the global financial system and make sure another devastating financial meltdown would not happen again.

Boosting global recovery is another mission for the G20 Summit. Under a united and coordinated framework, the G20 nations aim to promote global recovery by reforming banks, enhancing regulation and boosting trade. They also aim to ensure a fair and sustainable recovery for all member nations.

G20 members also are committed to increasing job creation and implement a growth strategy. That's with the aim of reducing inequality and poverty. The G20 nations have set a goal to lift GDP growth to 2 percent by 2018. The G20 also works to make the organization the world's leading global economic body for broader coordination in the fight against poverty and hunger.

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