Hu urges revamp of finance system

GMT China Daily President Hu Jintao has called for a reform of the international financial system, as well as global efforts to help developing countries cope with the ongoing financial crisis.

G20 leaders hail global financial summit, vow to salvage economy

GMT Xinhua English WASHINGTON, Nov. 15 (Xinhua) -- Leaders who attended the G20 financial summit hailed the historic meeting on Saturday for laying a foundation for a more coordinated global response system to the world economic crisis.

G20 summit adopts action plan to implement principles of reform

GMT Xinhua English WASHINGTON - Leaders attending the G-20 summit on financial markets and the global economy on Saturday agreed to an action plan of immediate and medium-term measures to cope with the financial and economic woes now gripping the world.

China to play constructive role in global economy

GMT Xinhua English WASHINGTON - China will deepen reform and open wider to the outside world, deliver steady and relatively fast economic growth, and play a constructive role in ensuring global economic stability, Chinese President Hu Jintao said on Saturday.

G20 summit will yield results, says US

GMT SINA.com The White House expects global economic crisis talks in Washington to be "an important and vigorous discussion with some quite concrete results" but has underlined the summit will be the first in a series.

Do not expect much from G20 Summit, Brazil president warns

GMT SINA.com Brazil's president warned on Tuesday that not too much should be expected from the upcoming G20 summit of economic powers, where his country has cast itself as a spokesman for emerging nations.

G20 must assist poor nations as promised: UN

GMT SINA.com United Nations Secretary General, Ban Ki Moon has called on the Group of 20 (G20) nations not to use the global financial crisis as an excuse not to deliver on their promises to assist poor countries.

Australian PM faces censure over Bush "G20" call

GMT SINA.com Australian Prime Minister Kevin Rudd faced censure on Tuesday over accusations he was behind news reports about a phone call with U.S. President George W. Bush in which Bush appeared unaware of the G20 group of rich nations.

World leaders attend financial markets, world economy summit

GMT Xinhua English WASHINGTON - Leaders from the world's major economies on Saturday kicked off a summit to tackle the ongoing financial crisis and explore measures to prevent similar crisis in the future.

Bush meets world leaders ahead of G20

GMT Xinhua English U.S. President George W. Bush poses with Israel's Foreign Minister Tzipi Livni (R) at the United Nations headquarters in New York November 13, 2008, in this picture released by the Israeli Government Press Office (GPO).

G20 summit faces uphill battle for crisis measures

GMT SINA.com With financial markets in deep turmoil, the G20 summit this weekend faces stiff challenges to find a plan of attack to shore up the world banking system and avert future crises.

Obama focuses on the US economy, leaving G20 to Bush

GMT SINA.com President-elect Barack Obama and his transition team are focusing on fixing the US economy, leaving reform of the global financial system and the G20 summit this Saturday in Washington to President George W. Bush.

World leaders urge fast action on financial crisis

GMT China Daily WASHINGTON – World leaders pledged rapid action on Saturday to rescue a weakening global economy from the worst financial crisis in over 70 years and agreed to give emerging nations more say in running financial affairs.

Financial storm brings on China's 'New Deal'

GMT China Daily While China's successful story of weathering the 1997 Asian financial storm is still fresh in minds, the country is trying to repeat the feat once again, this time, on a much grand scale, a much faster fashion and against a much worse crisis.

News Analysis: Establishing just, fair world financial system key to financial reforms

GMT Xinhua English BEIJING, Nov. 14 (Xinhua) -- Leaders from the Group of 20, which includes both wealthy and developing nations, are expected to meet in Washington Saturday to search ways to curb the global financial crisis.

G20 summit: Great expectations, but will it deliver?

GMT Xinhua English WASHINGTON, Nov. 14 (Xinhua) -- When the heads of 20 industrialized and emerging economies meet here Saturday to discuss the ongoing financial crisis and reforms to the global financial architecture, a course will likely be set toward preventing such a disaster from ever recurring.

Greens block Senate G20 probe

GMT SINA.com Senator Fielding put a motion to the Senate today calling for an inquiry into how details of the phone call - in which it was alleged Mr Bush asked Mr Rudd what the G20 was - made it into The Australian newspaper.

BACKGROUND: What is the G20 group of nations?

GMT SINA.com The world leaders meeting this weekend in Washington at an emergency finance summit amidst the worst crisis since the Great Depression have a loose affiliation with each other under the Group of 20, the so-called G20. The group grew out of the financial crises of the 1990s - like Mexico's - and was founded in 1999 with the aim of including emerging market countries which had been excluded from the "core of global economic discussion and governance," the G20 wrote on its website.

ABOUT G-20

GMT SINA.com The Group of Twenty (G-20) Finance Ministers and Central Bank Governors was established in 1999 to bring together systemically important industrialized and developing economies to discuss key issues in the global economy. The inaugural meeting of the G-20 took place in Berlin, on December 15–16, 1999, hosted by German and Canadian finance ministers.