Delegates of the Seventh G20 Finance Ministers and Central Bank Governors Meeting held their first day discussions in the Grand Epoch City in Xianghe County, north China's Hebei Province on Saturday morning.

Saturday's discussion covers three major topics, including "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".

Chinese Finance Minister Jin Renqing and Zhou Xiaochuan , governor of the People's Bank of China, China's central bank, co-hosted the meeting.

Delegates will exchange their views on "the problem of ageing and immigration" and "the conceptual innovation of development (G20 consensus)" on Sunday.

The meeting is to end Sunday noon with the release of a communique, announcing the agenda of 2006 G-20 meeting and the presidency of 2007 G20.

Delegates of 2005 G20 ministerial meeting include finance ministers and central bank governors from the member countries, and the top executives from International Monetary Fund, the World Bank, and the European Central Bank.

Established in 1999, the G20 members include major industrial nations and emerging market countries, whose GDP combined account for over 90 percent of the world's total.

Their total trade volume makes up 80 percent of the world's total and their population, two thirds of the world people.

Source: Xinhua