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Bush sets tone for G20 Summit

(Xinhua)
Updated: 2008-11-14 08:57

NEW YORK -- US President W. Bush set tone for the upcoming Group of 20 Summit Thursday in New York saying that the summit will focus on "understanding the causes of the global crisis and developing principles for reforming our financial and regulatory systems."

Bush said the meeting, which is due to this weekend in Washington DC, will lay the foundation for financial reforms.

Related readings: Bush defends capitalism on eve of economic summit

"This crisis did not develop overnight, and it will not be solved overnight," the US president said in a speech in the Federal Hall, "In addition to addressing the current crisis, we also need to make broader reforms to strengthen the global economy over the long term."

One vital principle of reform is to make financial markets more transparent, he said. "We should consider improving accounting rules for securities, so that investors around the world can understand the true value of the assets they purchase."

Bush also urged proper regulation on markets, firms, and financial products and enhance the integrity financial markets.

"We must strengthen cooperation among the world's financial authorities," he added, and "move forward with other significant reforms to make the IMF (International Monetary Fund) and World Bank more transparent, accountable, and effective."

Moreover, the president attached much attention to the importance of free market capitalism by saying that "the long-term solution to today's problems is sustained economic growth. And the surest path to that growth is free markets."

The G20 Summit is to be convened for the global economic crisis. Leaders from Group 8, the European Union and major developing countries will be present at the meeting.