G20 summit continues, tackling global issues

Updated: 2011-11-04 19:24


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CANNES, France - Chinese President Hu Jintao and leaders of other members of the Group of Twenty (G20) met on the second of their summit Friday in the southern French city of Cannes to tackle major issues affecting global economic recovery and financial stability.

On the first day of their meeting, the G20 leaders discussed the world economic situation, the reform of the international monetary system, and trade and development issues.

President Hu delivered speeches at the summit Thursday, elaborating on China's propositions on the topics.

As the premier forum for international economic cooperation, he said, the G20 must continue to demonstrate the spirit of standing together in times of adversity and pursuing win-win cooperation.

"At this critical moment, the G20 must work to address the key problems, boost market confidence, defuse risks and meet challenges, and promote global economic growth and financial stability," the Chinese leader said.

At Friday's meeting, the leaders are expected to discuss such issues as strengthening financial regulation, combating commodity price volatility and climate change.

At the end of the meeting, a declaration, a communique and the Cannes action plan would be issued, diplomats said.

The G20 summit is being held at a time of heightened tensions and significant downside risks for the global economy.

At present, international financial markets are suffering drastic fluctuations, and the world economic recovery is at risk amid growing instability and uncertainty. In the eurozone, sovereign debt risks are rising in some countries.

While unemployment remains high in major developed countries, emerging economies are faced with inflationary pressures. World economic growth is showing signs of slowdown.

The G20 leaders at the Cannes summit are seeking solutions to restore confidence, financial stability and growth.

The G20 members are: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States and the European Union.

Cannes, the host city of the G20 summit, lies on southeastern France's Mediterranean coast. With its outstanding climate and beautiful setting, the city is a busy tourist destination and the host of the annual Cannes Film Festival.