US President Barack Obama said on Tuesday that the G20 leaders must set a path for sustainable growth while steering clear of the imbalances of the past.

"As the leaders of the world's largest economy, we have a responsibility to work together on behalf of sustained growth, while putting in place the rules of the road that can prevent this kind of crisis from happening again," said Obama in a statement.

The G20 Pittsburgh summit will be held on September 24-25. During the summit, "we will review the progress we have made, assess what more needs to be done, and discuss what we can do together to lay the groundwork for balanced and sustainable economic growth," said the US president.

Thus, the leaders can come together to "advance our common interest in a global recovery, while turning the page to a truly 21st century economy," he added.

"To avoid being trapped in the cycle of bubble and bust, we must set a path for sustainable growth while steering clear of the imbalances of the past," said Obama. "That will be a key part of the G20 agenda going forward and the Pittsburgh Summit can be an important milestone in our efforts."

Obama, who will be the host of the summit, noted that the world has prevented a global economic catastrophe.

"The steps that we have taken to jumpstart growth have also been coordinated with our partners around the world," said Obama, noting that industrial production throughout the G20 has either stabilized or is growing.

"Global trade is expanding. Stresses in financial markets have significantly abated and our financial institutions are raising needed capital," he added.

Obama also said that his government chose Pittsburgh as the site of the G20 summit because the city "as a bold example of how to create new jobs and industries while transitioning to a 21st century economy."

"As a city that has transformed itself from the city of steel to a center for high-tech innovation including green technology, education and training, and research and development Pittsburgh will provide both a beautiful backdrop and a powerful example for our work," he stressed.

(Xinhua News Agency September 9, 2009)