G20 Summit focuses on long-term development strategies

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Tough times can often bring people together. The global recession sparked a new commitment for coordinated effort, with two G20 Summits in five months looking for solutions in a troubled financial world. Experts say the meetings helped bolster confidence at a crucial period, but it's now time to look beyond the crisis and at longer-term issues.

The G20 summit has become the most important mechanism for the world in combating the global financial crisis. The London G20 summit this April produced a 1.1 trillion investment package for the world economy. They also promised not to use any trade protectionism measures within one year OECD predicted recently the time of creeping out of recession will come earlier than expected.

The meeting in Pittsburgh is the third time the G20 leaders will be getting together to discuss measures to drive the world economy away from the abyss. This time, leaders will shift their focus from bail out plans to long-term development strategies, to work out how to avoid a repeat of the crisis.

Many developing countries are calling for a greater role in global affairs. Experts point out that although wealthier countries will not want to give up control so easily, they must accept that developing countries need larger voting shares.

Despite disagreements on how to reform the international financial system, the G20 nations are gradually reaching consensus on adjusting existing systems. The resolution for global cooperation will no doubt lend a gleam of hope to the world's economy.