This report on CIGI'09: Towards a Global New Deal, CIGI's annual conference held on October 2-4, 2009, reviews the causes and consequences of the international financial crisis, and discusses measures needed to ensure a global economic recovery and to prevent another such crisis from occurring.

This report, produced by a task force under the aegis of the Chinese Academy of Social Sciences (CASS) and CIGI, assesses the impact of the global financial crisis on China. The report suggests that China has been perceived as relatively well insulated from the crisis, but along with other trade dependent countries outside the Organisation for Economic Co-operation and Development (OECD) its integration into the global economy means exposure to the negative effects of the economic downturn.

CIGI has formed a task force of eminent economists to study and offer solutions for the devastating effects of the current financial crisis on developing and transition economies. This first statement by the task force briefly outlines the nature of the crisis for developing countries and suggests in general terms a strategy for a way forward.