Global growth, migration, terror to top agenda of G20 summit

In his view, there are two basic issues in this regard, with the first being the inclusiveness in the governance of the international financial institutions, the so-called Bretton Woods institutions.

"The IMF quota reform has failed despite the endorsement of the G20," he told Xinhua in an interview. "Furthermore, the World Bank capital increase did not happen despite the fact that emerging countries were ready to contribute."

Sahbaz referred to the inclusiveness in the financial regulatory reform as the second basic issue, arguing that the new Basel III regulations, which was agreed upon in 2010-11 but not yet implemented, will "significantly hinder financial growth." Such regulations are supposed to be a global and voluntary regulatory framework on bank capital adequacy, stress testing and market liquidity risk,

"They will hit most the trade financing to developing countries, and long-term infrastructure investments -- which are mostly needed by developing economies -- and SME financing -- again backbone of most emerging market economies," he explained.

"Yes, we should reduce the risk in the global financial system, but we need to design the reform based on the local conditions of the countries impacted," he added.

Turkey started the SME forum with a view to advocating on behalf of the SMEs at the global standard-setting platforms, such as the Financial Stability Board, which runs the regulatory reform process.

"Turkey made inclusiveness a priority of its G20 presidency," said Sahbaz. "We expect China to continue the same approach."