A U.S. drive to build a more balanced global economy gained the qualified support of China on Wednesday in a sign that Group of 20 leaders may be ready to take joint action to prevent future economic crises.U.S. President Barack Obama and other leaders of the G20 major developed and developing countries are due to meet in Pittsburgh on Thursday and Friday, with restoring economic growth and rewriting the rules of finance high on the agenda.
Central to the summit -- the third since the collapse of the Lehman Brothers investment bank a year ago -- will be a U.S. plan to correct the imbalances in the world economy by shrinking surpluses in big exporting countries like China and boosting savings in debt-laden nations that include the United States.
Obama wants a framework of "mutual assessment" whereby the International Monetary Fund makes policy recommendations on rebalancing to the G20 every six months. Analysts believe Obama's plan will meet resistance from Beijing should it pose any risk to China's export-driven economic growth. So far, China is sounding engaged.
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