Founded in 1999, Group 20 include seven industrialized countries, the European Union, China, Argentina, Brazil, Russia, India, Australia, Mexico, the Republic of Korea, Indonesia, Saudi Arabia, South Africa and Turkey.

These countries account for 90 percent of the world's total gross domestic product (GDP), 80 percent of global trade and two thirds of the world's population.

With the theme of "Enhancing global cooperation and promoting global economic development in balance and order", members of Group 20 will discuss such issues as reforms of the International Monetary Fund (IMF) and World Bank (WB), current global economic situation, development assistance and financing, aging population and migration.

In addition to a regular joint communique, two joint statements on global development and on the reform of Breton Woods Institutions (IMF and World Bank), respectively, are expected to be put forward at the meeting.

"The two planned statements are designed to promote discussions on global economic issues of common concern and enhance sustainable and steady global economic growth, " said Li.

Li also said many bilateral meetings will be arranged on the sidelines of the meeting, and several finance and central bank officials will visit China.

Group 20 serves as a platform for countries at different development stages to discuss major global economic issues, he said.

As one of the major members of Group 20, China actively participates in the meeting and plays an important role in promoting financial system reform and enhancing international cooperation, Li said.

(Xinhua News Agency September 21, 2005)