BEIJING (MNI) - The Group of 20 nations is finalizing plans to commit the U.S., Europe and China to "big changes" in their national economic policies, including measures designed to raise U.S. savings rates and cut China's reliance on exports, the Wall Street Journal reported Monday.

The newspaper said that the plan, called the "Framework for Sustainable and Balanced Growth", is being readied ahead of this week's meeting in Pittsburgh and would also including Europe making structural changes to boost business investment.

It cited a September 3 letter from senior White House aide Michael Froman who wrote to other G20 officials warning that as U.S. savings rates rise "the world will face lower growth unless other G-20 countries undertake policies that support a shift towards greater domestic, demand-led growth."

The plan would involve reviews of commitment but carries no specific sanctions, the newspaper said.

It said that G20 countries haven't decided how detailed their commitments to change should be while the U.S. and Europe differ on enforcement.

It said that the proposal to change national economic policy has triggered political wrangling and that China is only reluctantly agreeing to participate, though the U.S. has won Beijing's support by backing China's call for developing countries to have a bigger say in multilateral institutions such as the International Monetary Fund.

The report also said that the G20 has agreed to avoid coming up with an exit strategy to withdraw monetary and fiscal stimulus and will instead promote an exit as and when it is needed so as to avoid spooking the capital markets.

The G20 is likely to approve requirements that banks hold more capital while China is reported to be pushing for developing countries to get half the votes at the IMF, up from the current 43%.

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