According to the British government, the host of the meeting, the goals of the summit are to secure global economic recovery, agree on the contours of a strengthened financial system, and principles, priorities and process for reform of the international financial institutions.

At present, the financial crisis, which was triggered by the subprime mortgage crisis, has grown into a severe and widespread international financial crisis rarely seen in history.

The impact of the crisis on economies around the world is still deepening and its grave consequences will be felt more acutely in the days to come.

In an analysis prepared for the G20 meeting in London, the International Monetary Fund (IMF) said despite major stimulus packages announced by advanced economies and several emerging markets, trade volumes have shrunk rapidly, while production and employment data suggest that global activity continues to contract in the first quarter of 2009.

Global activity is now projected to contract by 0.5 to 1 percent in 2009 on an annual average basis, the first of such fall in 60 years, the IMF said in the analysis published on March 19.

"Turning around global growth will depend critically on more concerted policy actions to stabilize financial conditions as well as sustained strong policy support to bolster demand," the IMF said.

But the new assessment of the world economy by the World Bank is even more pessimistic.

Speaking at a press conference on March 21, World Bank President Robert Zoellick said that the global economy is set to shrink by 1 to 2 percent this year.

"We haven't seen a figure like that globally since World War Two, which really means since the Great depression," he said.

In an article published in The Times on March 27, Chinese Vice Premier Wang Qishan said that to cope with the crisis, "a strong signal must be sent from the upcoming London summit that the international community is determined to act together to get through the time of hardship."

To overcome the current difficulties, the international community should enhance coordination on macroeconomic policies, he said.

"The international community should recognize that the trend toward economic globalization is irreversible and should take credible steps to reject all forms of trade and investment protectionism," Wang said.

He said that it should also press ahead with the reform of the international financial system with the focus on re-adjusting the governance structure of international financial institutions and increasing the representation and voice of developing countries.

"We firmly believe that as long as the international community works together, we will be able to prevail over this once-in-a-century financial crisis and embrace a better future," Wang said.

The G20 consists of China, Argentina, Australia, Brazil, Canada, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, Britain, the United States, and the European Union.

(Xinhua News Agency April 2, 2009)