Leaders from the world's major developed and emerging economies have agreed to undertake a coordinated action to tackle the ongoing global financial crisis and explore measures to prevent similar crisis in the future. This has been included in a declaration issued after the summit meeting of the Group of Twenty on financial markets and the world economy in Washington. Chinese President Hu Jintao delivered a speech at the summit, calling on the international community to make concerted efforts to tide over difficulties arising from the global financial crisis. He says China will play a constructive role in ensuring global economic stability. Our Washington correspondent Shanshan has the story.

Reporter:

The Group of Twenty (G20) Summit on Financial Markets and the World Economy was held Saturday local time in Washington, the first of its kind for the Group of 20 since it was founded in 1999. Heads of state of the Group of 20, as well as UN Secretary General Ban Ki-moon, and leaders of the international organizations such as the World Bank and International Monetary Fund attended the meeting. Being held amid serious challenges to the world economy and financial markets, the summit issued a declaration, in which leaders say they are determined to enhance cooperation and work together to restore global growth and achieve needed reforms in the world's financial system. As widely expected before the summit, the leaders vow to implement reforms in order to strengthen financial markets and regulatory regimes so as to avoid future crisis.

At the Washington summit, the leaders also agree to an action plan of immediate and medium-term measures to cope with the global financial crisis. The tasks include strengthening transparency and accountability, enhancing sound regulation, promoting integrity in financial markets, reinforcing international cooperation, and reforming international financial institutions.

Chinese President Hu Jintao made a speech at the summit, where he says to deal with the crisis, major developed countries should undertake their due responsibilities and obligations, take active steps to stabilize their own and the international financial markets and safeguard investors' interests. Hu Jintao also calls for international efforts to help developing countries and the least developed countries cope with the global financial crisis. He says China has made timely adjustment to its policies and strengthened macroeconomic regulation. He continues that steady and relatively fast growth in China is in itself an important contribution to international financial stability and world economic growth. President Hu Jintao stresses that China is willing to help safeguard international financial stability and promote world economic growth, as a responsible member of the international community.

US President George W. Bush made a speech after the summit. He says the summit is successful.

"I will tell you that I thought this was a very successful summit. One of the things we did, we spent time talking about the actions that we have taken. We also talked about broader reforms, so in other words, the discussion were focused on today and what we're doing about it, but what are we going to do to make sure it doesn't happen tomorrow."

President Bush says there are some key achievements of the summit.

"One of the key achievements was to establish certain principles and take certain actions for adapting our financial systems to the realities of the 21st century. Part of the regulatory structures that are in place were 20th century regulatory structures. And obviously you know, the financial industry went way beyond them. Leaders at this summit agreed on some other matters of importance. One is to reject protectionism and refrain from erecting new trade barriers. This is a very important part of the summit. "

Bush says the summit is a beginning of a series of meetings.

"All this is an important first step. There is more work to be done and there will be further meetings, sending a clear signal that a meeting is not going to solve the world's problems. A meeting will help begin a process so that we can say over time that we'll have a regulatory structure in place that will make this less likely to happen in the future."

Bush says the US President-elect Obama's transition team has been fully briefed of the summit. The world leaders agreed to meet again by April 30, 2009, to review the implementation of the principles and decisions agreed at the Washington summit.

SS, CRI news, Washington.