A key focus of finance leaders at the Ankara meeting has been to seek detail from Beijing officials over how it plans to calm an equities market rout that has wiped out more than $US5 trillion of value, and keep the world's second-largest economy from stalling. G20 officials have been concerned that China hasn't explained its policy actions clearly enough and that its economy lacks transparency. Chinese central bank chief Zhou Xiaochuan acknowledged a 70 per cent surge on the benchmark Shanghai Composite Index in the three months to June had created a "bubble" which had now burst. In a notable admission, Mr Zhou said a surge in investor borrowing to buy shares saw leverage ratios spike, forcing Beijing to intervene to avoid "systemic risk" and a "cliff-style downturn" in the stockmarket, and that the intervention had contributed to turbulence on international markets. "In late August, the third round of adjustments had some global impact," he said. Mr Zhou said leverage ratios had since decreased significantly and that China's economic fundamentals remained robust. He said there was no long-term basis for the yuan to continue to devalue.

"Currently, the yuan-dollar exchange rate has stabilised, the stock market correction has been largely in place, and financial markets are expected to be more stable," he said. Mr Zhou and his delegation of Chinese officials sought to dispel fears that its shock August 11 devaluation of its yuan was a competitive move designed to boost its exports. Most finance chiefs voiced their broad support for China's economic and monetary policy, accepting Beijing was managing a difficult transition from an investment and export-led economy to one more driven by its services sector and domestic consumer spending. "It's an unbelievably difficult transformation and it's not surprising that there are bumps, that it's not a perfectly smooth process, and I think we had plenty of explanations, opportunity to ask questions, and it was a dialogue, and a very open one," International Monetary Fund chief Christine Lagarde said after the meeting. But Japanese Finance Minister Taro Aso said discussions had not been constructive, and that he had urged Beijing to take a cautious approach in its economic management and ensure communication with market participants.

"It's clear there are problems in the Chinese market, and at today's G-20 meeting, many people other than myself also expressed that opinion," Mr Aso told reporters. In a statement posted on the People's Bank of China website, Chinese Finance Minister Lou Jiwei said despite China's slowing rate of growth, there had been "some heartening changes in China's economy". He said consumer spending was now a bigger contributor to growth than investment, and that its services sector was now a bigger proportion of GDP than industrials. Mr Lou said China's economy remained on track to grow at around 7 per cent for the year, despite a growing number of economists and analysts expecting China to fall short of the target, first announced in March. With agencies