New global situation requires G20 to craft new strategies_News--China Economic Net
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New global situation requires G20 to craft new strategies
Last Updated(Beijing Time):2010-11-11 07:12

Policymakers from the Group of 20 (G20) major economies are gathering here for their fifth summit on Thursday, amid an upsurge of new developments in both the international economic situation and global economic governance.

As G20 has replaced the Group of Seven (G7) most developed economies as the main platform for global economic cooperation, the Seoul summit carries a high expectation that it will adapt to the new changes worldwide and map out proper strategies accordingly.

The venue of the G20 summit speaks a lot about the new global economic landscape. When G7 was at the helm of global economic governance, its summits never took place outside the several most developed economies. From London to Seoul, the change of meeting places reflects the evolution of the global economic situation.

In sync with the new developments, G20 should better function as the main economic consultation mechanism, a role the world designated to the group during the latest global financial crisis. G20 proved itself to be an efficient platform to contain the worldwide havoc, promote international cooperation and propel global economic recovery.

What is called for now is that all the parties should cherish the credibility and efficacy of the mechanism and steer it forward in healthy ways. As an immediate priority, G20 needs to change gears from the emergency mode to the long-term governance mode.

The transformation should aim at securing equality among G20 members for consultation and coordination and thus ensuring a genuine partnership.

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