The G-20 was set up as an ad hoc response to the financial crises of the 1990s to meet the need to expand necessary international financial and economic cooperation beyond the seven largest economies plus Russia to include developing nations, like China, India and Brazil.

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Last month the Organization for Economic Cooperation and Development said the financial crisis will probably push the world's most industrialized countries into their worst recession since the early 1980s.

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Hu said China will push for mutually beneficial economic cooperation with the U.S. to enhance market confidence and stabilize the international financial system.

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