As the host nation, Canada hopes the G20 countries can reach an agreement on reducing deficits by at least 50 percent in the next five years in order to prevent a worsening of the debt crisis. Canada also calls for a clear signal for tightening stimulus spending at the proper time to prevent inflation.

Canada's other proposals at the summit would include: establishing an effective regulating mechanism for international financing; taxpayers' money should not be used to bail out financial institutions; strengthening the role of the World Bank, the International Monetary Fund (IMF) and other multilateral banks; and continue the voting quota reform in the IMF.

Canada was also expected to advance its position of no taxes on banks, resisting protectionism and increasing development aid to Africa.

(Xinhua News Agency June 24, 2010)