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Third G20 summit kicks off in Pittsburgh

The third summit of the Group of 20 (G20) kicked off in Pittsburgh, Pennsylvania, on Thursday evening. The leaders are expected to coordinate their positions on global economic recovery, financial regulatory reform and world trade issues during the two-day meeting.

A year after global finance crisis erupted, as countries claw back from recession, leaders of G20 is to decide when to pull the plug on state stimulus packages and how to coordinate that move.

Early this month, G20 finance ministers and central bank governors reached a consensus that, although the darkest time of global economic recession in the past 70 years has passed, the stimulus policy should continue until recovery is confirmed.

Leaders from the G20 will also coordinate on their macro economic policies to ensure the world economy will grow on a sustainable and more balanced pattern.

"In Pittsburgh, we will work with the world's largest economies to chart a course for growth that is balanced and sustained," said U.S. President Barack Obama on Wednesday.

The summit will be key for financial reforms, said German Chancellor Angela Merkel on Thursday before departing for Pittsburgh, warning that efforts to make the world less prone to financial disasters may lose momentum.

White House spokesman Robert Gibbs also said on Thursday that financial regulatory reform is the most important topic for the summit.

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 Source : Xinhua  Editor: Ivy
Related:
· From London to Pittsburgh, efforts to contain financial crisis continue
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