BEIJING, Nov. 9 (Xinhua) -- The G20 group, one of the most important economic bodies, is to hold its fifth summit in Seoul, South Korea, since the outbreak of the global financial crisis in 2008. The following is a review of the previous four meetings.
Toronto Summit, Canada, June 2010 -- The fourth G20 summit was held in Toronto, Canada. With the main theme of speeding up growth, the meeting had followed the planned agenda of strong, sustainable and balanced growth, as well as reform of financial supervision. It set timetables for budget deficit reductions in developed countries, reform of governance of international financial institutions and the fight against trade protectionism. It also made clear that the top task of the G20 is to ensure and boost economic recovery. The Toronto Summit Declaration reiterated these goals.
Pittsburgh Summit, United States, September 2009 -- The third summit of the G20 saw a breakthrough in reform of governance of international financial institutions, with developing countries' rising strength being recognized. The G20 agreed to a shift of at least five percent in the International Monetary Fund (IMF) and three percent in the World Bank, of quota shares to dynamic emerging markets and developing countries.
On financial supervision, the leaders agreed on reform of salaries of senior financial managers, controls on financial derivatives and transnational supervision. It also discussed exits from stimulus policies, the trend of world economy and long-term sustainable development.
On world trade issues, the G20 set a timetable for a deal next year in long-running world trade talks.
