Prime Minister Stephen Harper, left, meets with former President Bill Clinton at the WEF in Davos, Switzerland on thursday Jan. 28, 2010. [CFP]

Canadian Prime Minister Stephen Harper also urged the G20 to discuss ways to exit the stimulus investments.

"While it is absolutely too soon to abandon stimulus programs, it is not too soon to think about a strategy to exit them," said he.

Meanwhile, Harper called on all countries to adopt national financial regulations sufficiently strong to avoid a repeat of the global crisis.

He said that these regulations should be bolstered by an international peer review mechanism. "If inadequate regulation is not addressed," he said, "I believe the consequences could be worse than before the crisis."

Thus, he warned that financial regulation "must have the right purposes and must not be excessive."

Chinese Vice Premier Li Keqiang said the crisis is not over yet and the foundation for economic recovery is still weak.

"Continued cooperation among countries is needed to avoid twists and turns and reduce risks in the course of recovery," Li said in a keynote speech on Thursday.