The mainland yesterday gave a ringing endorsement to plans made by the Group of Seven leading industrialised nations for reform of the global financial architecture, and urged the G7 to fully integrate the interests of emerging markets into any changes that are made. Finance Minister Xiang Huaicheng, following the first UK-China Financial Dialogue meeting held in London, emphasised the need for strong supervision of hedge funds, through greater regulation of financial systems and short-term capital flows. Britain's Chancellor of the Exchequer Gordon Brown said the two sides had agreed on greater co-operation, particularly with regard to the mainland's financial-sector reforms and its desire to commercialise state enterprises. 'The meeting with Minister Xiang sets the ground for increased co-operation and partnership on all the economic and financial challenges that both our countries face,' Mr Brown said. Last month, G7 nations said they had agreed on plans to strengthen the world's financial system for the next century and curtail the contagion that has spread from Asia to Russia and Latin America. Mr Xiang said time frameworks for aid programmes to crisis-hit nations needed to be put in place for short-term stabilisation and longer-term restructuring.