Source: DTN News By Roger Smith - Special Feature(NSI News Source Info) TORONTO, Canada - June 27, 2010: Chinese President Hu Jintao and other leaders of the Group of Twenty (G20) members gathered in Toronto on Sunday for the group's fourth summit, which will focus on ways to secure the world economic recovery and address the economic challenges and risks.
At the summit, the leaders will exchange views on ways to consolidate the recovery from the global economic and financial crisis and implement commitments from previous G20 summits while laying the foundation for sustainable and balanced growth.
They will discuss a wide range of issues, including the world economic situation, the European debt crisis, "the Framework for Strong, Sustainable and Balanced Growth," the reform of the international financial institutions, the global trade and the strengthening of financial regulations, said a senior Chinese official.
At the Pittsburgh summit, leaders of G20 members agreed to take action to address imbalances in the global economy by launching the Framework for Strong, Sustainable and Balanced Growth. The framework committed G20 members to evaluating their national policies to ensure they are collectively consistent with more sustainable and balanced trajectories of growth.
President Hu is expected to deliver a speech at the summit to explain China's propositions on the world's major economic and financial issues, such as financial reforms and balanced economic growth, said Chinese officials.
At the summit, the leaders will exchange views on ways to consolidate the recovery from the global economic and financial crisis and implement commitments from previous G20 summits while laying the foundation for sustainable and balanced growth.They will discuss a wide range of issues, including the world economic situation, the European debt crisis, "the Framework for Strong, Sustainable and Balanced Growth," the reform of the international financial institutions, the global trade and the strengthening of financial regulations, said a senior Chinese official.
At the Pittsburgh summit, leaders of G20 members agreed to take action to address imbalances in the global economy by launching the Framework for Strong, Sustainable and Balanced Growth. The framework committed G20 members to evaluating their national policies to ensure they are collectively consistent with more sustainable and balanced trajectories of growth.
President Hu is expected to deliver a speech at the summit to explain China's propositions on the world's major economic and financial issues, such as financial reforms and balanced economic growth, said Chinese officials.
DTN News reports., as protesters and police geared up for another day of new confrontations outside the gates of the G20 summit Sunday morning, the leaders inside the fence were meeting to find ways to make sure the world is not plunged back into another recession.
"It is incumbent upon us to act with the same unity of purpose, the same sense of urgency, and the same commitment to the enlightened exercise of our national sovereignty as we did at the beginning of the crisis," Prime Minister Stephen Harper said as he opened the Sunday morning meeting of G20 leaders. "The fate of millions of people depends on our actions."
Harper said if the G20 can get it right over the next five years, as many as 54 million new jobs could be created around the world and 90 million people could be lifted out of poverty.
Meanwhile, Harper's office is standing firmly with Toronto police after they came under criticism from both ends, for being too harsh Saturday night with thousands of peaceful protesters and for showing too much restraint with a handful of violent thugs in the middle of the protest.
Some police cars were torched and some downtown businesses were vandalized.
Over 400 people were arrested.
"Our police services did a magnificent job in order to ensure that these thugs don't rampage around the city wreaking more havoc," said Dimitri Soudas, Harper's chief spokesman.
Inside the leaders' summit, there is widespread agreement that the massive government spending programs initiated two years ago helped lift the world out of recession.
"The action deployed up until now in the G20 has given positive results, and all the world is profiting from this, but recovery remains fragile. To be quite frank with you, private demand has not yet picked up enough, or even at all, in all G20 countries," Harper said.
But those spending programs meant the world's governments racked up massive debts and deficits. In some cases, like Greece or Japan, the debt situation is so bad, it could spark another fiscal crisis.
"The recent skittishness of markets is telling us they're awaiting our actions, actions that must be decisive but also co-ordinated and balanced," Harper said.
"Here's the tightrope that we must walk: To sustain recovery it is imperative that we follow through on existing stimulus plans ... but at the same time, advanced countries must send a clear message that as our stimulus plans expire, we will focus on getting our fiscal houses in order."
"It is incumbent upon us to act with the same unity of purpose, the same sense of urgency, and the same commitment to the enlightened exercise of our national sovereignty as we did at the beginning of the crisis," Prime Minister Stephen Harper said as he opened the Sunday morning meeting of G20 leaders. "The fate of millions of people depends on our actions."
Harper said if the G20 can get it right over the next five years, as many as 54 million new jobs could be created around the world and 90 million people could be lifted out of poverty.
Meanwhile, Harper's office is standing firmly with Toronto police after they came under criticism from both ends, for being too harsh Saturday night with thousands of peaceful protesters and for showing too much restraint with a handful of violent thugs in the middle of the protest.
Some police cars were torched and some downtown businesses were vandalized.
Over 400 people were arrested.
"Our police services did a magnificent job in order to ensure that these thugs don't rampage around the city wreaking more havoc," said Dimitri Soudas, Harper's chief spokesman.
Inside the leaders' summit, there is widespread agreement that the massive government spending programs initiated two years ago helped lift the world out of recession.
"The action deployed up until now in the G20 has given positive results, and all the world is profiting from this, but recovery remains fragile. To be quite frank with you, private demand has not yet picked up enough, or even at all, in all G20 countries," Harper said.
But those spending programs meant the world's governments racked up massive debts and deficits. In some cases, like Greece or Japan, the debt situation is so bad, it could spark another fiscal crisis.
"The recent skittishness of markets is telling us they're awaiting our actions, actions that must be decisive but also co-ordinated and balanced," Harper said.
"Here's the tightrope that we must walk: To sustain recovery it is imperative that we follow through on existing stimulus plans ... but at the same time, advanced countries must send a clear message that as our stimulus plans expire, we will focus on getting our fiscal houses in order."
At the Toronto summit, the G20 leaders should pay more attention to development issues and provide political support to the United Nations' high-level meeting on the Millennium Development Goals in September this year, and oppose trade protectionism and promote the completion of the Doha round of trade talks, he added.
Established in 1999, the G20 consists of Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, the Republic of Korea, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union.
Members of the G20, the world's premier forum for international economic cooperation, account for 90 percent of global output, 80 percent of world trade and two-thirds of the world's population.
Established in 1999, the G20 consists of Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, the Republic of Korea, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union.
Members of the G20, the world's premier forum for international economic cooperation, account for 90 percent of global output, 80 percent of world trade and two-thirds of the world's population.
*This article is being posted from Toronto, Canada By DTN News ~ Defense-Technology News, contact: dtnnews@ymail.com
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