Representatives pose for a group photo after the G20 Finance Minister and Central Bank Governor Meeting in St. Andrews, Britain, Nov. 7, 2009. (Xinhua/Zeng Yi) Photo Gallery>>>

    St ANDREWS, UK, Nov. 7 (Xinhua) -- G20 policymakers agreed to maintain support for the recovery until it is assured in order to restore the global economy and financial system to health, according to the communique released after the two-day G20 Finance Minister and Central Bank Governor Meeting ended here on Saturday afternoon.

    Though a series of positive signs have shown that global economy is in the recovery process, the G20 policymakers said "while we will continue to provide support for the economy until the recovery is secured, we also commit to develop further our strategies for managing the withdrawal from our extraordinary macroeconomic and financial support measures" in the communique.

Chinese Finance Minister Xie Xuren (C) walks with other representatives after the G20 Finance Minister and Central Bank Governor Meeting in St. Andrews, Britain, Nov. 7, 2009. (Xinhua/Zeng Yi) Photo Gallery>>>

    The G20 hoped the International Monetary Fund (IMF) and the Financial Stability Board (FSB) to develop principles for exit. "The IMF and FSB will continue to assist us in reviewing strategies and implementation, identifying areas where coordination is particularly important and providing assessments of their collective impact on the global economy and the financial system", said the communique

    They emphasized the importance of putting more flesh into the Framework for Strong, Sustainable and Balanced Growth (the Framework), which was signed at the Pittsburg Summit held in September, and adopting a detailed timetable and initiating a new consultative mutual assessment process to evaluate whether policies would collectively deliver the agreed objectives.

Zhou Xiaochuan (R), governor of the People's Bank of China (the central bank), talks to his South African counterpart Gill Marcus after the G20 Finance Minister and Central Bank Governor Meeting in St. Andrews, Britain, Nov. 7, 2009. (Xinhua/Zeng Yi) Photo Gallery>>>

    So they agreed to set out national and regional policy frameworks, programs and projections by the end of January 2010 and conduct the initial phase of cooperative mutual assessment process, supported by IMF and World Bank analyses, of the collective consistency of national and regional policies in April 2010.

    They also agreed to develop a basket of policy options to deliver the above-mentioned objectives for Leaders to consider at their next Summit in June 2010; and to refine mutual assessment and develop more specific policy recommendations for Leaders at their Summit in November 2010.

    "Our first challenge in using the Framework will be the transition from crisis response to stronger, more sustainable and balanced growth, consistent with our goals of sustainable public finances; price stability; stable, efficient and resilient financial systems; employment creation; and poverty reduction", said the communique.

G20 urges to push forward climate change financing but fails to reach agreement

    St ANDREWS, Britain, Nov. 7 (Xinhua) -- The G20 policymakers urged to push forward climate change financing but failed to reach an agreement on how to fund policies to tackle climate change at the two-day G20 Finance Minister and Central Bank Governor Meeting (the Meeting) that ended here on Saturday afternoon.

    They have committed to work for an "ambitious outcome" at the upcoming Copenhagen climate change conference, but they could not agree on how to fund poor countries to deal with climate change. Full story

G20 hopes to develop stronger standards for financial system

    St ANDREWS, UK, Nov. 7 (Xinhua) -- The G20 policymakers emphasized the need for the Basel Committee to develop stronger standards by end-2010 to be phased in with the aim of implementation by end-2012 as financial conditions improve and the economic recovery is assured, according to the communique issued after the two-day G20 Finance Minister and Central Bank Central Governor Meeting was ended here on Saturday afternoon.

    It is commonly believed that the shortage of supervision and regulation is a key factor leading to the happening of the global financial crisis. So the financial watchdogs within the G20 nations and international financial institutions have called for strengthening the system in order to prevent financial crisis from taking place again. Full story