(DALIANNEWS)--Deputies from G20 Members' Finance Ministries and
Central Banks will converge into the north coast city of Dalian, China
during the Second Deputies Meeting of 2005 Finance Minsiters and Central Banks
Governors Meeting in early September.
Apart from this year's WTO Informal Ministerial Meeting
held in the city in mid June, the meeting is regarded as the highest level
international meeting this year.
Chinese participants are Liyong, Deputy
Minister of China Ministry of Finance and Hu Xiaolian, Deputy Governor of China
Central Bank.
Before Dalian
Meeting, the 1st Deputies Meeting was held in China's Chongqing City in
southwest Municipality in Sichuan Province in mid March, 2005.
The
two-day meeting will be held in Dalian From Sept. 1 to 2.
About
G-20
G-20(The Group of Twenty) was initiated in Berlin on 15-16
December 1999 hosted by the German finance minister Hans Eichel and chaired by
the Canadian finance minister Paul Martin. The G-20 had been set up on the
recommendation of the G-7 finance ministers and was confirmed by them and the
central bank governors in their joint communiqu¨¦ in September 1999.
The
G-20 is an informal forum which seeks to promote an open and constructive
dialogue between industrial nations and emerging-market countries on key issues
relating to the international monetary and financial system and, in the process,
to help strengthen the international financial architecture. In addition, it
provides its members from a range of major countries at varying stages of
development with a platform for discussing current international economic
questions.
A high-level informal dialogue among actors who have a special
responsibility for the world economy has proved an effective instrument for
shaping globalization. However, G-7 membership is limited to the world's seven
largest western economies.
The members of the G-20 are the finance
ministries and central banks of 19 countries: Argentina, Australia, Brazil,
Canada, China, France, Germany, India, Indonesia, Italy, Japan, Korea, Mexico,
Russia, Saudi-Arabia, South Africa, Turkey, the United Kingdom and the United
States. Another member is the European Union, represented by the Council
presidency and the European Central Bank.
To ensure that the G-20's
activities are closely aligned with those of the Bretton-Woods institutions, the
managing director of the IMF and the president of the World Bank, plus the
chairpersons of the International Monetary and Financial Committee and
Development Committee of the IMF and World Bank, also participate in the talks
as ex-officio members.
Unlike international organizations such as the
OECD or the IMF, the G-20 has no permanent staff of its own. The current
chairing country sets up a temporary secretariat for the duration of its
chairmanship which coordinates the group's work and organises its meetings.
The G-20 Meeting bases in China
The G-20 finance ministers and central bank governors, plus
their deputies, meet once a year. Additional participants are the finance
minister of the country currently holding the presidency of the European Union
and the president of the European Central Bank.
The last meeting of ministers and governors was held on
20-21November 2004 in Berlin/Germany. This year's meeting of ministers and
governors will take place in Xianghe,Hebei Province in October.
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