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G20 vows to ensure stability of financial market
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The Group of 20 (G20) has committed to using "all the economic and financial tools to ensure the stability of financial markets," said a statement issued after an emergency meeting on Saturday.

The bloc, which groups 19 top developed and developing countries and the European Union, convened a special meeting on the sidelines of the IMF meeting amid the raging global financial crisis.

The G20 endorsed a five-point action plan adopted by the smaller Group of Seven leading economies (G7), which on Friday vowed to use "all necessary tools" to ease the financial crisis.

The statement said members of the G20 have vowed to join hands to improve the regulation, supervision and the overall functioning of the world's financial markets.

Chinese Vice Minister of Finance Li Yong and Deputy Governor of the People's Bank of China Yi Gang attended the meeting.

U.S. President George W. Bush briefed the meeting, while U.S. Secretary of Treasury Henry M. Paulson introduced the latest development of the country's financial crisis.

Delegates exchanged their views on the world financial situation. They said the group will draw together, deepen cooperation and deal jointly with the crisis.

The bloc, established in 1999, is an important forum to promote dialogue between advanced and emerging countries on key issues regarding economic growth and stability of the financial system.

(Xinhua News Agency October 12, 2008)

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