These issues will need to be endorsed in just a few days from now at the Seoul Summit, and their implementation will be monitored in the months and years to come, he said.

On the issue of global imbalances, at the Gyeongju meeting last month, which was held in preparation of the Seoul Summit, finance ministers of the Group of 20 leading economies agreed to draw up an indicative guideline to evaluate the situation. "At this juncture, we are coordinating the positions of member countries so that what has been agreed to thus far will take concrete shape at the Seoul Summit," Lee said.

As for the development issue, which will be discussed for the first time as a major item on the G20 Summit agenda, focus will be placed on economic growth in developing countries through capacity- building efforts. "To this end, relevant action plans should be adopted to construct infrastructure, develop human resources and enhance trade capabilities, which will be carried out over the next few years," he said.

As the premier forum economic cooperation, the G20 has been called the board of directors for the world economy. It will play a pivotal role in setting out the future direction for the global economy and in bringing about a paradigm of sustainable, balanced growth, Lee said.

As the first Asian nation and the first non-G7 country to host a G20 summit, South Korea has stepped up its efforts so that this significant event will bear fruit and live up to the expectations of the international community, Lee said, adding that his country is willing to do more to secure the successful wrapping up of the summit.

Lee also spoke highly of China's role in the G20 framework and its contribution to the development of the G20 mechanism.

At the first G20 summit held in Washington in November 2008, China voiced active support to Seoul's position on opposing trade protectionism, Lee said.

This time, China has been active in participating in consultation over the exchange rate issue, and extended active help to make the issue as one of the main items at the G20 Seoul summit, though it has lots of differences with the United States and the EU in the regard, Lee added.

"In light of this, I view that China has made great contribution to the development of the G20 mechanism, and I high rate it," Lee said.

Lee also expressed his appreciation for Chinese leaders' support to Seoul's successful hosting the summit.

With "Shared Growth Beyond Crisis" as its official slogan, the G20 Seoul Summit will be held on Nov.11-12.