Under the extremely complex economic situation, fiscal consolidation was needed, "but the consolidation should be conducive to healthy economic development -- that is, growth-friendly fiscal consolidation," Zhu said.

However, the issue of China's currency valuation it was not on the agenda in Toronto, said officials.

"The renminbi is China's currency, and it is not an issue for international discussion," said Vice Foreign Minister Cui Tiankai.

Cui said China has expectations from the summit, the first meeting since the institutionalization of the G20 in Pittsburgh in September last year.

Cui said China hoped the member countries would:

-- enhance communication and coordination of macro-economic policies;

-- push the International Monetary Fund (IMF) to finish its quota reform to give more representation to emerging markets and developing countries;

-- improve the international financial system and deepen the reform of the international supervision system;
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