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The G20's role irreplaceable

By Jin Canrong and Liu Shiqiang: 0 Comments Print E-mail China Daily, November 8, 2010

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In the post-crisis period full of complexity and uncertainty, the Group of 20 (G20) can undoubtedly serve as a key to understanding the transition and development of the world economic pattern.

A man walks past a signboard promoting the upcoming G20 Seoul Summit at the venue for the summit in Seoul, capital of South Korea on Nov. 4, 2010. The G20 Seoul Summit is to be held here from Nov. 11 through 12. [Park Jin-hee/Xinhua]

Since the outbreak of the global financial crisis, there have been four successful meetings of the G20 heads of government, in which leaders not only positively coordinated stimulus measures and policies in dealing with the crisis, but also reached a comprehensive consensus on issues including sustained economic growth in the future and reform of the international financial system. The G20 has become a major platform for global macroeconomic policy coordination.

The upcoming G20 Seoul Summit in the Republic of Korea (ROK), the first ever in a non-G8 nation, is of great significance to the rebalance of the decision-making power in the world economy, and is also an important opportunity for the promotion of Sino-ROK ties.

As it is becoming the world's macroeconomic coordination mechanism, the G20 is of great significance for the advancement of international relations and the world economy. The outbreak of the global financial crisis indicated that the current West-led international system has limitations and is unable to reflect the demands of emerging economies.

The development of the G20 would help balance the over-centralized world economic power structure.

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