Chinese experts called the G20 leaders' promise to strengthen financial supervision a landmark in global cooperation.

Qiao Xinsheng, Zhongnan University of Economics and Law professor said, "Consensus is significant to repair the existing world financial system through a new and stricter supervision and monitoring mechanism."

Qiao's remarks were echoed with by Mei Xinyu, an economist withthe Ministry of Commerce (MOC), who said, "The move will not only contribute to a healthy world financial market, but will also help promote a fair international financial system."

In the summit statement, authorities also promised to establish a new Financial Stability Board (FSB), reshape regulatory systems, extend regulation and oversight coverage, and combat non-cooperative jurisdictions.

Tang Min, deputy secretary general of the China Development Research Foundation told Xinhua, the new FSB which will compose of more member countries, indicates an enlarged coverage of the financial supervision worldwide, which will be helpful to build an international monitoring web.

Cao Fengqi, director of the Research Center for Finance and Securities of Peking University said, "The consensus in the statement reflected that leaders from different countries have noticed the development of financial markets should be under strict control and every country should make efforts."

(Xinhua News Agency April 5, 2009)