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Economists: China Goes to G20 Financial Summit with Reform Proposal

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"It is absolutely normal for nations to disagree," said Zuo. "China should stick to its own position and at the same time negotiate with other countries and make comprises to reach agreements that are in line with its interests."

An unidentified senior Japanese official told Reuters last week that G20 leaders are unlikely to discuss the status of the dollar as the world's reserve currency when they meet in London on Wednesday and Thursday.

Analysts say at least China brought the issue to the forefront of discussions.

"China's proposal to create a super-sovereign currency may not get approval from all the nations at the summit, but it would be good to see the idea discussed at the meeting, which can serve as a foundation for future reforms," Tao Wenzhao, a researcher on US studies with the Chinese Academy of Social Sciences told Xinhua on Wednesday.

Chinese President Hu Jintao left Beijing for London on Wednesday morning to attend the summit.

He has called for strengthened coordination among nations to stabilize the international financial market "as soon as possible", to adopt varied stimulus packages to revive the economy, and to work against trade and investment protectionism. He also urged what he calls "necessary reforms" of the international financial system.

(Xinhua News Agency April 2, 2009)

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