Chinese Foreign Ministry said on Sunday that the Washington summit of the Group of 20 (G20) on financial markets and the world economy was of great significance for the international community to deal with the financial turmoil.

Foreign Ministry spokesman Qin Gang said the G20 summit was conducive to the growth of the world economy and the reform of the international financial framework.

The declaration issued by the G20 leaders at the summit was "comprehensive, positive and balanced," said Qin, adding it helped to gain global confidence in dealing with the crisis and arouse the concern to the issue of development.

"China hopes that all countries could continue to enhance coordination, seek consensus, substantially strengthen the financial regulation and take actions to prevent global economic recession."

The Washington summit, held on Saturday amid serious challenges to the world economy and financial markets, was the first time for the Group of 20 since it was founded in 1999.

Chinese President Hu Jintao, together with other G20 leaders, attended the summit at the invitation of US President George W. Bush.

The world leaders agreed to meet again by April 30, 2009, to review the implementation of the principles and decisions agreed at the Washington summit.

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

Also attending the G20 summit were the managing director of the International Monetary Fund (IMF), the president of the World Bank, the secretary-general of the United Nations and the chairman of the Financial Stability Forum.

(Xinhua News Agency November 16, 2008)