G20 Leaders Convene in Washington

A global economic summit was held in Washington, DC over the weekend. On Saturday world leaders backed a rapid action plan to tackle the global economic crisis. They agreed on the need for measures to spur growth, better financial market rules and more say for emerging countries.
World leaders agree government spending plans to boost growth are needed now, but they did not commit to a coordinated push. Differences were apparent over how to regulate the financial industry, in areas including hedge funds.

[Gordon Brown, British Prime Minister]:
"We are agreed on the need for major reform of the international financial system, and it's necessary to give confidence that we are cleaning up the system, based on the principles of transparency and accountability, better regulation integrity and international cooperation."

In one historic breakthrough, they agreed emerging market countries should have a voice in running the world economy. They will study ways of giving them more power at the International Monetary Fund.

Japanese prime minister Taro Aso is optimistic.

[Taro Aso, Japanese Prime Minister]:
"We were able to implement short-term measures and medium-term measures to deal with the international crisis. We have put concrete and action oriented measures into the document."

The leaders pledged to "take whatever further actions are necessary to stabilize the financial system.

Leaders are due to meet again before the end of April.

Also in attendance was Chinese Communist Party leader Hu Jintao, who attracted protesters from the Falun Gong meditation practice. They took the opportunity to raise awareness of the persecution, hoping Hu would catch sight of their message to end the persecution of the practice in China.

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