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Updated at 6:36 p.m., Thursday, April 2, 2009

Asian nations assume greater prominence at G20 meeting

Associated Press

LONDON — Asian nations, who dominate the roster of industrializing economies, have won a greater say in salvaging and reshaping the global system that brought them unprecedented prosperity but now threatens to reverse that progress.

The sweeping consensus on reviving growth and stepping up surveillance of international financial institutions reached today at the Group of 20 summit of major economies reflects that growing sway.

"I believe people will be encouraged by the fact that China and India and Japan and many countries ... we've all been able to come together in a way we could never have done even a year or two ago and designed quite detailed proposals that will reshape the global financial system," a jubilant British Prime Minister Gordon Brown said as the one-day meeting wrapped up with a pledge of $1.1 trillion in loans and guarantees to developing countries.

The statement issued by summit leaders included a pledge, responding to a chief demand from Asian and other developing countries, for reforms of the International Monetary Fund and other institutions to better match global economic and political realities.