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G20 London Summit > G20 Summit
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Leaders wrangle on rescue measures(China Daily)
Updated: 2009-04-02 08:03 President Hu Jintao called for reform and efforts against protectionism. "The international financial system should undergo necessary reforms in a comprehensive, balanced, gradual and effective manner to prevent a similar crisis in the future," the Xinhua News Agency quoted him as saying. The summit, which aims to reach an agreement on revitalizing the global economy and reforming the world financial system, is billed as a watershed in efforts to battle the worst economic downturn in more than 60 years.
 In the eyes of academics protectionism is the biggest plague. More than 2,000 dignitaries and academics, including a Nobel prize-winning economist, signed a petition warning against "dangerous and foolish" protectionism and equating free trade with peace, mutual understanding, and global economic benefit.
Drafted by the UK-based think tank International Policy Network, the petition warns that "the spectre of protectionism is rising". "It is always a dangerous and foolish policy, but it is especially dangerous at a time of economic crisis, when it threatens to damage the world economy," the petition said. World stocks kicked off the new quarter with strong gains in Japan but sharp losses in Europe after registering their best monthly performance since December 1999. Investors were focusing on the summit. "The danger is that the outcome vastly disappoints the hype," Gary Dugan, chief investment officer of Merrill Lynch Global Wealth Management, said in a preview note. China Daily, AFP and Reuters |
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