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G20 Summit ends with general agreement

(chinadaily.com.cn)
Updated: 2008-11-18 17:18

The G20 Summit has ended with agreements on a whole range of issues including more fiscal measures to boost domestic demand, coordinated cuts in interest rates as well as tax cuts to ease the severity of a global downturn. Also at talks was Chinese President Hu Jintao who delivered a speech echoing the global call for concerted, coordinated action.

In a communique released at the end of the summit, leaders said they were determined to enhance cooperation and work together to restore global growth, and achieve necessary reforms in the world's financial system. The G20 leaders agreed to meet again by April 30th, 2009, to review implementation of the principles and decisions agreed at theWashingtonsummit.

US President Bush welcomed world leaders at theNational Building Museum, where he presided over the meeting. Chinese President Hu Jintao delivered a speech, saying that the global financial crisis has had a massive impact on all areas of the economy, in every major market.

President Hu called for concerted efforts to tide over difficulties arising from the global financial crisis. He urged the international community to take all necessary steps to restore market confidence and stop the spread and development of the financial crisis. To effectively deal with the situation, he says all countries should intensify coordination and cooperation.