Contents and Significance of the Three G20 Summits

After the Asian financial crisis in the late 1990s, the call for increasing the voice of emerging market countries in global economic activities became louder and louder. 1On September 25th, 1999, the finance ministers of G8 announced the establishment of G20 in Washington. This international forum consists of the European Union, the Bretton Woods institutions and finance ministers and central bank governors from 65,438+09 countries. Its purpose is to serve as a new mechanism for informal dialogue within the framework of the Bretton Woods system, and to promote discussion and research on substantive issues between developed countries and emerging market countries, so as to seek cooperation and promote international financial stability and sustained economic growth.

[Edit this paragraph] About G20

Founding:

The Group of Twenty (G-20) was announced by the finance ministers of the Group of Eight in Washington on September 25th. Purpose: To promote discussion and research on substantive issues between developed countries and emerging market countries in order to seek cooperation and promote international financial stability and sustained economic development. Members of the 2009 London Summit:

G20 consists of 19 countries, including the United States, Britain, Japan, France, Germany, Canada, Italy, Russia, Australia, China, Brazil, Argentina, Mexico, South Korea, Indonesia, India, Saudi Arabia, South Africa, Turkey and the European Union. These countries account for about 85% of the world's gross national product, but their population accounts for nearly two-thirds of the world's total population.

Operation mode:

G20 operates in the form of informal ministerial meeting, without a permanent secretariat, and its chairman adopts rotation system. The finance ministers and central bank governors of the organization meet once a year. The annual ministerial meeting is usually associated with the meeting of finance ministers of the Group of Seven, which is usually held at the end of each year. The meeting is provided with secretarial services and support by the host country, some international institutions and external experts, and working groups can be set up as needed to consider some major issues and put forward countermeasures and suggestions.

Specially invited representatives:

In order to ensure the close ties between the G20 and the Bretton Woods institutions, the Managing Director of the International Monetary Fund and the President of the World Bank, as well as the Chairman of the International Monetary and Financial Committee and the Chairman of the Development Committee, also participated in the activities of the forum as special guests.

G20 and China:

China is a founding member of G20, and successfully hosted the 7th G20 Finance Ministers and Central Bank Governors Meeting in 2005.

[Edit this paragraph] Summit scale

EU, USA, China, Japanese, Russian and Korean; Germany, Britain, France and Italy; Australia, South Africa, India, Indonesia, Brazil, Saudi Arabia, Mexico, Turkey, Argentina and other EU member countries attended the G20——G20 was upgraded to a global financial summit, with 90% of the world's gross national product and 2.2/3 of the world's population, and 80% of the world's trade (including intra-EU trade).

[Edit this paragraph] Full text of ]G20 Summit Declaration

1、

When the world economy and financial markets are facing severe challenges, our G20 leaders held talks with Obama during the Hu Jintao meeting on the 20th. A preparatory meeting was held in Washington, D.C. on June165438+1October 15, 2008. We decided to strengthen mutual cooperation, strive to restore global economic growth, and make necessary reforms to the global financial system.

2、

In the past few months, our countries have taken urgent and special measures to support the global economy and stabilize financial markets. These efforts must continue. At the same time, we must promote reform to ensure that a global crisis like this will never happen again. Our work will follow a common belief that market principles, an open trade and investment system and an effectively regulated financial market will foster vitality, innovation and entrepreneurship, which are indispensable basic factors for economic growth, employment and poverty reduction. The root cause of the current crisis

3、

During the period of high-speed economic growth, capital liquidity is increasing day by day, and it has maintained long-term stability in the previous decade. Market participants excessively pursue high returns, lack risk assessment and fail to fulfill their corresponding responsibilities. At the same time, fragile insurance industry standards, unsound risk management behaviors, increasingly complex and opaque financial products and their excessive impact have finally produced institutional fragility. In some developed countries, policy makers, regulators and managers are not fully aware of and take measures to deal with the expanding risks of financial markets, fail to implement financial innovation in time or fail to consider the consequences of poor supervision in their own countries.

4、

Among other reasons, the main factors leading to the current situation are inconsistent and uncoordinated macroeconomic policies and inadequate structural reforms, which hinder the sustainable development of the global macro-economy, lead to excessive risks and eventually lead to serious market chaos. Measures taken and required.

5、

So far, we have taken powerful and important measures to stimulate the economy, provide liquidity, enhance the capital of financial institutions, protect savings deposits, make up for poor supervision and unfreeze the credit market. We are working hard to ensure that international financial institutions can provide important support to the global economy.

6、

In order to stabilize financial markets and support economic growth, more work needs to be done. The economic development momentum of major economies has greatly weakened, and the global economic development is expected to decline. Many emerging market economies have contributed to the global economic development in the past decade. Although they are growing well at present, they are increasingly adversely affected by the global economic recession.

7、

In the face of global economic deterioration, we agree to adopt extensive and necessary policies on the basis of close macroeconomic cooperation to restore economic growth, avoid negative consequences and support emerging market economies and developing countries. As a direct measure to achieve these goals and meet long-term challenges, we will continue to strengthen our efforts and take any necessary further actions to stabilize the financial system. Recognize the importance of monetary policy support, just as it is recognized at home. While maintaining a policy framework conducive to sustainable financial development, we will use fiscal measures to stimulate domestic demand. Help emerging markets and developing economies get financial support in the current financial difficulties, including liquidity and project support. We emphasize the important role of the International Monetary Fund (IMF) in responding to the crisis, welcome its short-term liquidity support, and promote the continuous review of its facilities and support to ensure flexibility. We encourage the World Bank and other multilateral development banks to fully support the development plan, and we appreciate the new measures recently taken by the World Bank in the fields of infrastructure and trade financing. Ensure that the International Monetary Fund, the World Bank and other multilateral development banks have sufficient resources to continue to play an important role in overcoming the crisis. * * * principle of financial market reform

8、

In addition to the above measures, we will also implement reforms. These reforms will strengthen the financial market and the regulatory system to avoid a recurrence of the crisis. Management is the main responsibility of regulators in various countries to resist market turmoil. Our financial market has been globally integrated. Therefore, it is very necessary to strengthen the international cooperation of regulators, strengthen the necessary international standards and effectively implement them. Only in this way can we prevent the emergence of unfavorable cross-border, cross-regional and global international financial chaos that affects global development. Regulators must ensure that their actions support market principles and avoid possible adverse effects on other countries, including regulatory arbitrage and support for market competition, vitality and innovation. Financial institutions must also take responsibility for the current market chaos and do their part to overcome the current situation, including taking losses, improving transparency and strengthening their own management and risk management.

9、

We are committed to implementing policies related to the following reforms. Enhance transparency and accountability. We will enhance the transparency of the financial market, including the transparency of complex financial products, and ensure the complete and accurate disclosure of the company's financial status. Its purpose is to prevent officials from taking excessive risks. Strengthen effective management. We promise to strengthen our supervision system, carefully supervise and strengthen risk management, and ensure that all financial markets, products and participants are managed or supervised. We will strengthen the supervision of credit rating agencies and strengthen the implementation of international codes of conduct. While ensuring effective supervision, we will also improve the efficiency of the supervision system in the economic development cycle, ensure innovation and stimulate the expansion of financial products and services transactions. We are committed to evaluating the transparency of our national regulatory system. Promote the integrity of financial markets. We promise to protect legitimate financial risks by providing support to investors and consumers, avoiding acts that harm public interests, and preventing illegal market manipulation, deception and abuse of power. We will also promote access to information, including in areas that have not yet committed to implementing international standards on bank secrecy and transparency. Strengthen international cooperation. We call on our national and regional regulators to formulate regulations and other measures on the basis of the principle of consistency. Regulators will strengthen coordination and cooperation with financial markets at all levels, including cross-border capital flows. First, regulators and other relevant authorities should strengthen cooperation in crisis prevention, management and response measures. :: Reform the international financial institutions. We are committed to promoting the reform of the Bretton Woods institutions so that they can more fully reflect the changing economic weights in the global economy and improve their correctness and effectiveness. In this regard, emerging markets and developing economies, including the poorest countries, will have more voice and representation. There is an urgent need to expand the membership of the Financial Stability Forum (FSF) to emerging economies, and other major standard-setting institutions must quickly re-examine their membership. The International Monetary Fund should cooperate with the FSF and other institutions to better understand the vulnerability, predict the potential pressure, and take prompt action to play an important role in coping with the crisis. Tasks of ministers and experts

10、

We are committed to taking prompt action to implement these principles. We will ask our finance minister to start this process and draw up a timetable for action. The initial catalogue of specific measures will be published in the form of attachment "Action Plan", which includes actions to be completed before March 36, 2009. After consulting other economies and existing institutions and learning from the suggestions of well-known independent experts, we will ask our finance ministers to come up with more opinions, including the following specific aspects: regulatory policies that are conducive to alleviating cyclical fluctuations; Evaluate and revise global accounting standards; Improve the flexibility and transparency of the credit derivatives market and reduce systemic risks, including improving the infrastructure of the OTC market; Reward evaluation, including rewards and innovations that generate risks; :: Assessing the mandates, management and resource needs of international financial institutions; Define the scope of systemically important institutions and determine their proper management and supervision.

1 1、

In order to understand our role in financial system reform, we will hold another meeting before May 2009 to check the implementation of these principles and decisions reached today. Committed to global economic openness

12、

If we are committed to promoting free market principles, including the rule of law, respect for private property, open trade and investment, competitive markets, effective supervision and an efficient financial system, we believe that these reforms will only succeed. These principles are necessary for economic growth and prosperity, and have eliminated millions of poor people and improved the global living standard. In view of the necessity of improving the management of global financial industry, we must over-manage, otherwise it will damage economic growth and deepen the contraction of capital liquidity, including for developing countries.

13、

We emphasize that in the period of financial instability, it is crucial to oppose protectionism. In the next 12 months, we will oppose raising new barriers in the investment or trade of goods and services, setting new export restrictions or implementing measures contrary to the provisions of the World Trade Organization to stimulate exports. In addition, we will strive to reach an agreement this year so that the Doha Development Agenda of the World Trade Organization can be successful. We will instruct our trade minister to achieve this goal and promote the final agreement.

14、

We are concerned about the impact of the current crisis on developing countries, especially the most vulnerable countries. We reaffirm the importance of the Millennium Development Goals (MDGs), which are the development assistance commitments we have fulfilled. We will urge developed countries and emerging economies to undertake obligations commensurate with their own capabilities and their role in global economic development. In this regard, we reaffirm the development principles reached at the United Nations Conference on Financing for Development held in Monterrey, Mexico in 2002, which emphasized national ownership and mobilized all resources to finance development.

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We will continue to address other important challenges, such as energy security and climate change, food security, the rule of law, counter-terrorism, poverty and disease.

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As we move forward, we believe that through sustained partnership, cooperation and multilateralism, we will overcome challenges and restore world economic stability and prosperity.

[Edit this paragraph] Historical origin

1997 after the Asian financial crisis, the voice of increasing the voice of developing countries in global economic activities has become increasingly strong. 1999.6 The finance ministers of eight industrial countries, namely, Cologne, Germany, the United States, Japan, Germany, France, Britain, Italy, Canada and Russia, proposed that more countries should hold regular dialogues on international economic and monetary policies in order to prevent the recurrence of the Asian financial turmoil. In order to promote the stability of the global financial and monetary system, the finance ministers of the G8 announced the establishment of the G20 Forum in Washington, D.C., which is composed of the finance ministers and central bank governors of the European Union, the Bretton Woods institutions and 19 countries, Berlin, Germany, 12. The G-8 (the United States, Japan, Germany, France, Britain, Italy and Russia) and the finance ministers and central bank governors of the European Union, Asia, Africa, Latin America and Oceania * * * set up an informal forum meeting of the G-20 on international economic cooperation (the International Monetary Fund and the World Bank attended the G-20 forum meeting as non-voting representatives). The purpose of the meeting is to promote open dialogue between industrial countries and emerging market countries on important issues of the international economy, monetary policy and financial system, lay a broad foundation for discussion and consultation on substantive issues, seek cooperation, promote the reform of the international financial system and strengthen its structure.

[Edit this paragraph] The first financial summit

08. 1 1 The leaders of Washington, D.C., personally participated in the forum, which was upgraded to a summit. The main topics included evaluating the progress made by the international community in coping with the current financial crisis, discussing the causes of the financial crisis, discussing measures to promote global economic development, strengthening the regulatory norms in the international financial field, and promoting the reform of the financial system.

[Edit this paragraph] The Second Financial Summit

09.4.2 London leaders put forward the grand idea of reforming the global financial system, strengthening financial supervision and abandoning trade protectionism-but it has not been well implemented.

[Edit this paragraph] EU Special Summit

September 17, 2009-In order to "warm up" the "Global Financial Summit" on September 24, 2009, EU member States held a summit in Brussels in the form of a working dinner to coordinate their internal positions in dealing with the global financial and economic crisis. The Council is seen as a warm-up for the EU before the global financial summit. At the critical moment when the pace of global financial and economic recovery is accelerating, what attitude the EU will adopt in Pittsburgh is particularly interesting. The EU is the largest economy in the world, and many EU member countries will attend the Pittsburgh Global Financial Summit. This special EU summit was held at the initiative of French President Nicolas Sarkozy and German Chancellor Angela Merkel. The purpose of the meeting is clear, that is, to coordinate the positions of EU countries at the Pittsburgh Global Financial Summit. The EU has many representatives at the summit. Germany, France, Britain and Italy, as well as the European Union itself as an economy, will all participate as members of the G20. The Netherlands, Spain and other EU member states will also attend the third global financial summit in Pittsburgh. The leaders of the EU (27 countries) believe that the "Global Summit" has become an important forum to deal with the global economic crisis and climate change. The EU is the largest economy in the world and a global leader in dealing with climate change. If all member countries can speak with one voice at the "Global Financial Summit", they will have greater weight on the above issues and have greater impact on global economic development. On September 17, EU leaders held a special summit in the form of a working lunch to unify their positions. After the meeting, they issued a joint statement: "World Pittsburgh Summit"-forming a unified voice.

[Edit this paragraph] Three financial summits

09.9.24 Pittsburgh, the second largest city in Pennsylvania on the east coast of the United States, is expected to look forward to the ways and strategies of coordinated global economic recovery and become the focus of attention of all parties. China and developing countries especially expect the third financial summit to achieve four results: first, continue to strengthen macroeconomic policy coordination and promote the rapid recovery of the world economy; Second, promote the structural reform of international financial institutions. Increase the representation of developing countries' right to speak; 3. Promote common development and pay attention to the development of developing countries, especially the least developed countries; 4. Oppose trade protectionism and push the Doha Round negotiations to achieve comprehensive and balanced results. The leaders of China and Japan will raise the topic of * * * building East Asia and even Asia * * * * The United States will promote the reform of the financial supervision system and hope that governments of all countries will cooperate.