PITTSBURGH: Leaders have agreed to restructure the world economy by reducing imbalances between countries running massive deficits and those with surpluses, according to a draft of the G20 summit communique seen Friday.

Ahead of the summit of the leaders of the world's biggest economies, big exporters like Germany and China had disagreed with major debtors like the United States on the need for measures to adderess these imbalances.

But the draft final summit communique, seen by AFP, suggested that the members were ready to endorse a plan that would see China encouraging its own people to spend more at home and the United States to cut its yawning deficit.

"We recognize that the process to ensure more balanced global growth must be undertaken in an orderly manner. All G20 members agree to address the respective weaknesses of their economies," the agreement read.

"G20 members with sustained, significant external deficits pledge to undertake policies to support private savings and undertake fiscal consolidation while maintaining open markets and strengthening export sectors.

"G20 members with sustained, significant external surpluses pledge to strengthen domestic sources of growth," it read.

The G20 leaders are to announce the results of their two-day summit in the US city of Pittsburgh later Friday.