The seventh G-20 Finance Ministers and Central Bank Governors meeting will inaugurate in Beijing, capital of China, on Saturday morning and be continued in the Grand Epoch City in Xianghe County, Hebei Province.

The theme of the meeting is "Global Cooperation: Promoting Balanced and Orderly World Economic Development". The member countries will exchange views on five major topics: the review and prospect of the global economy, the review of the Bretton Woods institutional system in 60 years and its reform, achieving the Millennium Development Goals - institutional innovation of international development aid and financing, the problems of ageing and immigration, and the conceptual innovation of development.

It is the first time for China to assume the G-20 presidency. Chinese President Hu Jintao will make a keynote speech at the opening ceremony. Chinese Finance Minister Jin Renqing and Governor of China's central bank Zhou Xiaochuan will attend the meeting as head of the Chinese delegation and co-host the G20 meeting.

The seventh G-20 ministerial meeting plans to publish two other documents apart from the regular communique if all parties agreed after one and a half days of discussion: "G-20 Joint Statement of the Development of the Global Economy" and "G-20 Joint Statement of the Institutional Reform of the Bretton Woods System".

Finance ministers and central bank governors from the G-20 member countries, and head of the three international institutions, that is the World Bank, the International Monetary Fund, and the European Central Bank, will attend the meetings. Colombian finance minister is also invited to the G-20 meeting as the president of the IMF/World Bank Development Commission.

Established in 1999, the G-20 is an informal forum that seeks to promote an open and constructive dialogue between industrial nations and emerging-market countries on key issues relating to the international monetary and financial system and, in the process, to pursue stability and sustainable growth of the world economy.

Source: Xinhua