国际英语新闻：G20 leaders start summit in Seoul, focusing on int'l financial system, world's economy

"There is considerable will among leaders to reach an understanding in Seoul," Kim said, hinting that the communique to come at the end of the two-day summit will be an improved version of the consensus reached in Gyeongju last month.

At the Gyeongju meeting, G-20 finance ministers agreed to change to some extent the global exchange system that reflected underlying economic fundamentals and to refrain from competitive devaluation of currencies.

President Hu, who had participated in all previous G20 summits, is expected to expound China's stand on the major issues being discussed in Seoul, according to Chinese officials.

"The G20 summit to be held in Seoul, South Korea, is the first one of its kind to be held in an emerging economy and in Asia, hence it is of great significance to the development of the G20 mechanism," President Hu said in a written interview with South Korean media last Tuesday.

Hu said the Seoul Summit should focus on the following issues:

-- To continue to strengthen coordination of macro-economic policies using an "in-the-same-boat" spirit and mutually beneficial and win-win principles, and to send to the market positive signals that G20 members were unified in tackling the great challenges of the world economy so market confidence could rally and the momentum of the world economic recovery would be secured.

-- To push forward the reforms of the international financial system, to strengthen supervision of the international financial market, and to increase the say and the representation of emerging and developing countries in international financial institutions.

-- To push forward a solution to the unbalanced development between developed and developing countries and to provide political support to the realization of UN Millennium Development Goals.

-- To oppose trade protectionism and to push forward the Doha Round of World Trade Organization talks to achieve comprehensive and balanced results and its development goals.

The previous four G20 summits formulated measures to deal with the international financial crisis. The summits have played an important role in returning the world economy to growth, stabilizing international financial markets and ensuring the confidence of the public and business.

When they met last June in Toronto, the G20 leaders agreed on the importance of safeguarding and strengthening the recovery while laying the foundation for strong, sustainable and balanced growth, and strengthening the financial systems.

It was the first time for South Korea as an Asian country, and as an emerging economy, to host the G20 summit.

South Korea had experience hosting other international events such as the Olympics and the World Cup before, yet it still saw the G20 summit as an opportunity for the country to step onto the world stage.