On Saturday, finance ministers from Brazil, Russia, India and China called for greater voting rights for developing countries within international financial organizations on the sidelines of a meeting of G20 finance ministers and central bankers.

Proposals include setting up a global early warning system for the financial sector, building effective responding and rescuing mechanisms, and most importantly, greater representation for emerging and developing countries within the IMF and the World Bank.

China will also call for stricter financial supervision and protest any form of trade protectionism, said Gong.

Immediate results?

Though much was entrusted to the G20 summit, such as the reform of the international monetary and financial systems, experts had doubts of whether the meeting would be effective.

Zhang Yansheng, director of the foreign economic research institution with the National Development and Reform Commission, noted that to solve the deeper systematic and institutional cause of the problem, real concerted efforts of the international society are needed. But the divergence of the United States and Europe on the building of an international financial system would make substantial reform impossible.

"The London Summit may not lead to productive results to deal with the crisis," said Yin Jianfeng, deputy director of the Institute of Finance and Banking of the Chinese Academy of Social Sciences.

"It is unrealistic to expect immediate change in the international monetary and financial system which is dominated by the US dollar," he said.

Even if China boosts its contribution to the IMF, it could not change the dominant power the United States wields in the organization, said Yin.

According to IMF rule, the United States, with about 17 percent of the voting rights, has veto power over important decisions. As voting rights are decided by the amount of contributions, it would be difficult to increase the voting rights of emerging economies, he said.

Chance for China

But China should still take the chance and increase its contributions to the organization to boost China's influence on world financial issues, said experts.

Despite emerging disputes and divergences, the London Summit would be a step towards solving the problem, said Gong Li.

The G20 summit should continue as it is the most important place to discuss how to lead the world economy out of the current swamp, said experts.

The G20 summit is playing an increasingly powerful role in integrating efforts to fight against the global crisis, which has surpassed many negotiation systems such as the G8 summit, and achieved a broader representation of global economies, Zhao Xijun said.

"Through the G20 summit, China has started to take part in international fiscal and financial decision making, a crucial step made on the international stage," said Yuan Gangming.

(Xinhua News Agency March 20, 2009)