World leaders agree to reform IFIs, boost development

• Source: Xinhua
• [08:24 July 10 2009]
• Comments

Chinese State Councilor Dai Bingguo (1st L Back), on behalf of Chinese President Hu Jintao, poses for a family photo with leaders of the G8 countries and five other developing countries, in L'Aquila of Italy, July 9, 2009. Dai Bingguo on Thursday called for more international efforts to push for recovery of the world economy. Leaders of the G8 industrialized countries - Britain, Canada, France, Italy, Germany, Japan, Russia and the U.S. - and six developing countries, namely Brazil, China, Egypt, India, Mexico and South Africa, met in L'Aquila on Thursday to discuss economic issues, climate change, trade and other international issues. (Xinhua/Huang Jingwen)

Leaders of the Group of Eight (G8) industrialized countries and five major developing countries agreed here on Thursday to reform financial institutions, boost development and conclude the Doha Round trade talks.

The leaders of G8 nations -- Germany, France, Italy, Britain, Japan, Russia, Canada and the United States -- and five major developing countries including India, China, Brazil, Mexico and South Africa plus Egypt reached consensus on concluding the Doha Round trade talks in 2010.

President of the European Commission Jose Manuel Barroso, together with the leaders of Egypt and Sweden were also attended the meeting.

Chinese President Hu Jintao did not attend the meetings as he cut short his stay in Italy and returned to Beijing because of a riot broke out in Xinjiang Uyghur Autonomous Region. State Councilor Dai Bingguo took part in the meetings on his behalf.

The leaders discussed a global recovery agenda for balanced, inclusive and sustainable growth, said a joint declaration after their meeting.

They pledged to "foster a macro-environment that supports a robust and balanced resumption of domestic private spending to promote the revival of demand."