The G20 finance ministers and central bank governors' meeting kicked off here Friday, seeking to review and finalize issues to be submitted at the upcoming G20 Seoul Summit, Xinhua reported.
Hosted by the G20 chair South Korea in the city of Gyeongju, the two-day ministerial gathering is scheduled to check up all the agenda items to be discussed at the following meeting.
The meeting brought together top-level officials from the 20 member countries, together with those invited from non-member countries and international organizations such as the International Monetary Fund (IMF).
The meeting will start with a session on global economy, where participants will share views and diagnose the current economic recovery pace.
The officials are also expected to add final touches on impending issues such as foreign exchange policies, the creation of financial safety nets and more regulatory oversight of financial institutions, which will directly be submitted to the Seoul Summit.
The issues have been finally reviewed by vice-minister meetings on Thursday, during which participants went more into details.
On top of the list lies the foreign exchange issue, on which countries have been going through a sharp conflict.
As the boiling issue has been the highest priority for the past few weeks, worried by many experts that it may lead into a possible trade war, the vice-ministerial meeting went deep into the issue, and it ended with satisfactory results, media here said, brightening the Friday-Saturday meeting
At the minister meeting, officials are expected to put further efforts to iron out differences on the matter, which will be continued to the Seoul Summit where the South Korean government vowed to settle the issue.
The meeting, in a broader sense, will continue discussing measures to implement the Framework for Strong, Sustainable, and Balanced Growth, which was endorsed in the previous G20 summit talks.
At the point, G20 member countries still seem to be in stark contrast in terms of balancing and coordinating country-level needs and economic conditions in developing detailed plans, making it unlikely to be fully resolved by the close of the meeting.
Meanwhile, the reform of the International Monetary Fund (IMF) governance will also be discussed, together with the global financial safety net issue.
The officials are known to move on with the proposal by the South Korean government to expand relief programs to cash-strapped countries that are fundamentally strong in their financial conditions.
The members will also probe into financial sector reform, especially on the issue of stronger regulation on systematically important financial institutions (SIFIs), checking up the report presented by the Basel Committee on Banking Supervision and the Financial Stability Board (FSB).
The two global financial committees on Tuesday and Wednesday held meetings in Seoul, announcing their recommendations to the G20 to level up banks' capital and liquidity standards and to tighten regulation on SIFIs.
The meeting will end Saturday with a joint communiqu, on which chair country South Korea hopes to convey tangible outcomes on major issues.