G20 leaders hammer out massive plan to tackle financial crisis, revive economy

Source: Xinhua | 04-03-2009 07:59

LONDON, April 2 (Xinhua) -- The second Group of 20 (G20) Summit concluded in London on Thursday with consensus on how to get the world out of the financial crisis, including pledge of 1.1 trillion U.S. dollars to revive the world economy, a joint call to fight protectionism, and concrete actions to tighten banking regulations.

Chinese President Hu Jintao (4th L, 1st row), and other leaders attending the Group of 20 summit, and top  officials from relevant organizations pose for group photos in London, Britain, April 2, 2009.  (Xinhua/Li Xueren)

In a post-summit Leaders' Statement, the G20 leaders emphasized that "the only sure foundation for sustainable globalization and rising prosperity for all is an open world economy based on market principles, effective regulation, and strong global institutions."

The G20 leaders pledged to do "whatever necessary" to restore confidence, growth, and jobs; repair the financial system to restore lending; strengthen financial regulation to rebuild trust; fund and reform international financial institutions; promote global trade and investment and reject protectionism, and build an inclusive, green and sustainable recovery.

"By acting together to fulfill these pledges we will bring the world economy out of recession and prevent a crisis like this from recurring in the future," said the statement.

For people around the globe, the new commitments by the world leaders are an important boost to restore confidence in their fight against the financial and economic crisis.