The Group of 20 will take on the role of caretakers of the global economy, giving rising powers such as China more clout, and roll out tougher rules on bank capital by the end of 2012, a draft communique said.

Heading into the second day of a summit aimed at ensuring the world economy emerges from its worst recession in generations with better safeguards against another crisis, the G20 also vowed to keep emergency economic support in place until a recovery is secured, according to the draft.

"We will act to ensure that when growth returns jobs do too. said. "We will avoid any premature withdrawal of stimulus."

The document said G20 countries had a "responsibility to the community of nations to assure the overall health of the global economy" and pledged to try to secure next year a deal in long-running world trade talks.

The group, which accounts for 90 percent of the world's economic output, also agreed to rein in financial industry excesses that triggered the credit crisis two years ago, and to tighten rules on how much capital banks must have to absorb losses.

The new rules aimed at improving the quality and amount of capital should be ready by the end of 2010 and will be phased in in the following two years, the draft said.

It also tackled the contentious issue of bankers' pay schemes, blamed for fostering a high-risk corporate culture that led to heavy losses and taxpayer-funded bailouts.

The document suggested linking pay to "long-term value creation, not excessive risk-taking."

However, it did not mention direct monetary caps on pay as proposed by French President Nicolas Sarkozy and some other European Union leaders.

The final version of the communique will be issued when the leaders wind up their meeting on Friday evening and French officials said the summit has not yet reached final agreement on executive pay.

Emerging economies looked to be the surprise winners as the leaders sought to finalize agreements on an ambitious agenda that included building a more stable world economy, reforming bank regulations and tackling climate change.

In another boost for countries such as China or India, the G20 unexpectedly moved close to a deal shifting more voting power at the International Monetary Fund to some developing countries, recognizing their growing economic power.

In return, as the draft communique suggested, the G20 won their commitment to do their part in rebalancing the world economy.

That rebalancing act involves the debt-laden United States saving more and export powerhouse China consuming more.

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