G20 Summit opens in Los Cabos

The seventh Leaders' Summit of the Group of Twenty (G20) opened in Los Cabos, a coastal resort in Mexico, shortly after 3 p.m., local time, Monday.

Mexican President Felipe Calderon delivered the opening speech to welcome leaders of the world's industrialized nations and major emerging economies to the first plenary session of the two-day event with the global economic crisis on top of its agenda.

Among the world leaders were Chinese President Hu Jintao, U.S. President Barack Obama, German Chancellor Angela Merkel and British Prime Minister David Cameron.

"Los Cabos is a unique opportunity to confront crises and to preserve the environment," said Calderon. "Seeking a long-term growth plan does not seek to ignore the difficult situation facing the world."

The summit was held at a time when global economy is facing great risks and uncertainties. Many fear that the eurozone debt crisis would top the agenda of this year's G20 summit.

Calderon contended that the debt crisis in Greece should not overwhelm the two-day summit's agenda, and that the issues long prepared by Mexico would remain under discussion.

"We want to achieve a comprehensive action plan for sustainable long-term growth," said the Mexican president.

"I know that the people and governments of that continent are trying to build the Europe of the 21st century," he said. "I am confident that the crisis' long-term effect will be a stronger and more united Europe."

Chinese President Hu Jintao, who attended all the previous G20 summits, was expected to present China's view on the fragile world economic recovery and propose measures for global growth and stability at Monday's summit meeting, Chinese officials said.

The G20, which acounts for 90 percent of global output and two thirds of the world's population, has become the primary forum for economic and financial cooperation.

The G20 groups Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, the Republic of Korea, Turkey, the United Kingdom, the United States, as well as the European Union.