Bush defends free market system ahead of G20

NEW YORK, Nov 13 (Reuters) - U.S. President George W. Bush on Thursday offered a vigorous defense of the free market system but said there should be some reforms to correct the problems that led to the global financial crisis.

On the eve of hosting the Group of 20 leaders in Washington, Bush goes to Wall Street Thursday afternoon to outline his agenda for that summit which will kick off reforming the global financial regulatory system.

"While reforms in the financial sector are essential, the long-term solution to today's problems is sustained economic growth," Bush said in prepared remarks of his speech released in advance. "And the surest path to that growth is free markets and free people."

He called for the G20 leaders to consider improving accounting rules for securities as well as reforming international institutions like the International Monetary Fund and World Bank. (Reporting by Jeremy Pelofsky; Editing by Theodore d'Afflisio)