Britain's finance minister, Alistair Darling, told a news conference the main issues for discussion were economic stimulus, stronger market regulation, including greater control of tax havens, reform of international financial organizations and aid to developing countries.
Darling admitted that a "complete consensus" may not be reached over the weekend, "but we can start to build that consensus by recognizing that our common interest need not contradict a country's self-interest."
A member of the Russian delegation said a greater role for developing economies, mainly Russia, Brazil, India and China, would also be discussed, particularly their joining the Financial Stability Forum, a group comprising financial authorities of G7 countries.
"It is still unclear what proposals the Forum will make at the G20 meetings and what will happen at the summit in April," a Russian official said, adding that G7 countries have said the decision-making process would be complicated by the addition of more members.
Speaking about the International Monetary Fund, the Russian official said additional cash injections to the IMF, reform of its quotas and decision-making would be discussed in London.
Speaking in Beijing on Friday, Chinese Premier Wen Jiabao said the G20 should focus on helping developing nations, which have been hit the hardest during the current global financial crisis.
He conditioned an increase in China's contributions to the IMF on reform of the organization to clarify its donors' roles.
