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Backgrounder: The Group of 20

11-11-2010 13:03 BJT Special Report:President Hu Attends 5th G20 Summit in Seoul |

BEIJING, Nov. 11 (Xinhua) -- The fifth Group of 20 (G20) summit, an international forum on economic cooperation among the world's 20 major economies, will be held on Thursday and Friday in Seoul. Following is a brief introduction to the bloc.

The grouping was established in September 1999 to bring together important industrialized and developing economies to discuss key issues concerning the global economy.

The members of the G20 are: Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United States, and the European Union (EU).

The Asian financial crisis in 1997 made the international community realize that the handling of an international financial crisis needed not only the efforts of major developed countries, but also of major developing countries.

In September 1999, finance ministers and central bank chiefs of the Group of Seven most industrialized nations issued a statement in Washington, agreeing to establish the G20 to consult about reforming the international financial system.

Together, G20 member countries represent two thirds of the world's population, 60 percent of global land area, around 90 percent of global gross domestic product, and 80 percent of world trade (including trade within EU members).

Finance ministers and central bank chiefs of the G20 meet annually.

Against the backdrop of the worsening global financial crisis, leaders of the G20 held their first summit in Washington on Nov. 15, 2008.

In April and September of 2009, the second and third summits of the G20 were held respectively in London and Pittsburgh, the United States. In June 2010, the fourth G20 summit was held in Toronto, Canada.

Editor:Zhang Pengfei |Source: Xinhua

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