Source: China Daily
04-03-2009 08:49
Special Report: G20 Summit in LondonLONDON: The Group of 20 leaders yesterday pledged an additional $1.1 trillion to restore credit, growth and jobs in the world economy, announcing a broad raft of measures designed to hasten the end of the global financial crisis.
They also declared a crackdown on tax havens, regulation of hedge funds and a new supervisory body to flag problems in the world financial system.
The host, British Prime Minister Gordon Brown, said:"Today, the largest countries of the world have agreed on a global plan for economic recovery and reform."
The US stock market reacted positively, with investors sending the Dow Jones industrials above the 8,000 mark yesterday for the first time in nearly two months.
All the major indices were trading at more than 3.5 percent at mid-day with optimism that the country's economy was on the mend.
In London, the FTSE 100 index of leading British shares closed more than 4 percent higher following the announcement of the summit deal.
In a sweeping G20 communique, the world leaders vowed to join hands to spur the global economy, repair the financial system, strengthen global financial regulation, battle trade protectionism and achieve green and sustainable recovery.
They promised "an unprecedented and concerted fiscal expansion" to create jobs, raise output by 4 percent and push for the world's shift to a green economy, according to the Leaders' Statement released at the end of the G20 London Summit.
