G20 summit ends after pledging speedy economic recovery

2009-09-26 09:02 BJT

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The G20 summit has ended in Pittsburgh with a statement pledging future efforts to strengthen the financial system and boost world economic recovery.

In a final communique released at the end of the two-day meeting, the G20 leaders pledged to keep emergency economic support in place until sustainable recovery is assured.

It will launch a framework to re-balance economic growth, and establish tougher rules governing banks by 2012.

The G20 agreed to strengthen the international financial regulatory system. Leaders pinpointed a lack of regulation as one of the major triggers of the current financial crisis.

The world leaders also agreed to monitor each others' economic policies to ensure all regions benefit when global demand increases.

In a sign that the developed world has accepted the shifting balance of economic power, leaders have agreed to give emerging economies more say in guiding the growth of the global economy.

This includes shifting at least 5 percent voting power at the International Monetary Fund to developing countries.

The G20 leaders said they will step up efforts to complete the Doha round of trade talks. They also endorsed a plan to phase out fossil fuel subsidies to help combat global warming.

Finally, they agreed to implement aggressive plans to promote a sustainable recovery of employment, vowing to carry out structural reforms on labor markets.

Editor: Zhang Ning | Source: CCTV.com