UN summit to discuss financial reform

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Play VideoUN to hold high-level meeting on financial crisis

Representatives from rich and poor nations have reached a consensus on a package of proposals for reforming the global financial system.

A revised draft document on the matter has been completed, and will be discussed at a three-day U.N. General Assembly meeting on Wednesday.

The president of the UN General Assembly, Miguel D'Escoto Brockman, said he hoped the conference would live up to the gravity of the global crisis.

He described the negotiations on the 15-page proposal as a "long ordeal". The run-up to the conference has highlighted differences between rich and poor countries.

Developing nations want to be given much more say in tackling the financial crisis, while major powers want to keep control in their own hands.

The president of the UN General Assembly, Miguel D'Escoto Brockman, said he hoped the conference would live up to the gravity of the global crisis. (CCTV.com)