G20 Financial Summit

The G20, is an international economic cooperation forum established in Berlin, Germany on December 16, 1999. It is a mechanism for informal dialogue within the framework of the Bretton Woods system, from the former G8 and the remaining ten. Two important economies are composed. The Summit aims to promote open and constructive discussions and research on substantive issues between industrialized and emerging market countries in order to seek cooperation and promote international financial stability and sustained economic growth. In accordance with past practice, the International Monetary Fund and the World Bank attended the meeting of the organization. In June 2012, at the G20 summit in Mexico, China announced its support and decided to participate in the International Monetary Fund's capital increase, amounting to 43 billion US dollars.


The fourteenth summit of the G20 leaders was held in Osaka, Japan from June 27 to 29, 2019. Chinese President Xi Jinping departed for Osaka, Japan on June 27.


Initiation situation

The Group of 20 (Group 20) was proposed by the G8 finance ministers in Washington on September 25, 1999. The purpose is to prevent the recurrence of the Asian financial turmoil and allow the countries concerned to hold an informal dialogue on international economic and monetary policies. Conducive to the stability of the international financial and monetary system. The G20 summit held its leadership since 2008. As the G20 structure matures and reflects the importance of emerging industrial countries, the leaders of the G20 countries announced in 2009 that the organization will replace the G8. Become the main forum for global economic cooperation.


Member states

The G20 consists of 19 countries including the United States, Britain, Japan, France, Germany, Canada, Italy, Russia, Australia, China, Brazil, Argentina, Mexico, South Korea, Indonesia, India, Saudi Arabia, South Africa, and Turkey. . The gross national product of these countries accounts for about 90% of the world's total, and the population is close to two-thirds of the world's total population.


Operation

The G20 operates in the form of an informal ministerial conference. There is no permanent secretariat and the chairman adopts a rotation system. The group’s finance ministers and central bank governors’ meeting is held once a year. The annual ministerial meeting is generally linked to the G7 finance ministers meeting, usually at the end of each year. Secretarial services and support are provided by the presidency and a number of international and external experts, and working groups can be set up as needed to review and advise on major issues.


Guest Representative

In order to ensure close ties between the G20 and the Bretton Woods institutions, the President of the International Monetary Fund, the President of the World Bank and the Chairman of the International Monetary and Financial Committee and the Development Committee also participated as special representatives in the Forum.


G20 and China

China was a founding member of the G20 and successfully hosted the 7th G20 Finance Ministers and Central Bank Governors Conference in 2005 as the chair country.