TORONTO, June 27 (Xinhua) -- The fourth Group of 20 (G20) summit concluded here on Sunday afternoon after leaders of major economies agreed on a set of targets of fiscal consolidation and measures to ensure a strong, sustainable and balanced growth.

Addressing the media at the closing of the summit, Canadian Prime Minister Stephen Harper said that "firm targets" have been established in a bid to advance economic recovery that is "uneven and fragile."

"Advanced economies have committed to fiscal plans that will at least halve deficits by 2013 and stabilize or reduce government debt-to-GDP ratios by 2016," said the G20 Toronto Summit Declaration which was issued on Sunday.

Chinese President Hu Jintao (4th L Front) poses for a group photo with other participants of the fourth summit of the Group of 20 (G20) in Toronto, Canada, June 27, 2010.

G20 recognized Japan's situation and welcomed its own fiscal consolidation plan announced recently, and urged those countries with serious fiscal challenges to accelerate the pace of consolidation, according to the declaration.

World leaders recognized that the G20's highest priority is to "safeguard and strengthen the recovery and lay the foundation for strong, sustainable and balanced growth, and strengthen our financial systems against risks."

The declaration said advanced deficit countries should boost national savings while surplus economies will undertake reforms to reduce their reliance on external demand.
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