by Xinhua writers Hai Yang, Zhao Jialin

    MOSCOW, April 7 (Xinhua) -- The recent G20 summit achieved overall success but problems still remain, a Russian finance professor said Tuesday.

    The success of the April 2 summit in London has demonstrated the possibility for all parties involved to make collective decisions, Boris Rubtsov, a professor at the Finance Academy under the government of the Russian Federation, told Xinhua.

    The decision to inject funds into international financial institutions can help mitigate negative impacts the ongoing financial crisis brings to some emerging countries, he said.

    He also said a resolution to establish a financial stability council was beneficial in supporting the global financial architecture in the future.

    Rubtsov said people should welcome the correct decisions made at the summit, including the tightening of regulations concerning financial markets, including hedge funds and ratings agencies.

    With most major countries needing to restructure their economies, the professor said, the summit pledge to reject protectionism was of particular significance.

    China as a major economic power "deserves an important role among the discussion of world economic problems," said Rubtsov, adding that the agreements reached at the summit took into account suggestions from Russia and China.

    In general, the summit agreed to enlarge the voice and representation of emerging markets and developing countries, at first in the International Monetary Fund and the World Bank, he said.

    Rubtsov pointed out that the decisions made at the summit can't fundamentally influence the effects of anti-crisis measures. Besides, if decisions, such as tightening financial regulations, could have been made earlier, "the crisis would probably not have been so drastic."

    However, Rubtsov remains optimistic for the world economy. He said that was because the causes of the crisis and the measures to combat the upheaval have been acknowledged.

    "Therefore, the extreme economic crisis of the 1930s will not threaten us," he said, despite that the huge imbalance between U.S. incomes and expenses, as well as the adverse effect the U.S. credit expansion brings to the world, will still be hard to cure.