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Assessing China's G20 role
Source: Xinhua |
March 24, 2009, Tuesday
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Print Edition
Print Edition
AS a major emerging market, what role will China play in trying to fight the global economic crisis during the upcoming Group of 20 (G20) summit?
Zhao Xijun, finance professor at the Renmin University of China, suggested that emerging economies including China, India, Brazil and Russia might take a different stand from those of developed economies.
To a larger extent, polar positions are forming across the world when it comes to collaborating on problem solving, said Zhao. Those positions reflect changes in global economic power.
The G20 summit on April 1-2 in Britain will be the second time since last November's G20 summit in Washington that leaders from the developing and developed world sit at the same table to find a solution.
"As one of the most important countries in G20, China should play an active role in the summit," said Du Dawei, director of the China Bureau of the World Bank. Concerted efforts in the global fight against the crisis, especially the huge stimulus plans launched by China and the United States, are a decisive factor in facilitating a reversal of the economic downturn, Du said.
Though the World Bank has tuned down its forecast of China's economic growth to 6.5 percent in 2009, the figure remains outstanding compared to other countries.
China's economy received less damage than other major economies from the crisis, Du said.
With US$2 trillion worth of foreign exchange reserves in hand, China is under the spotlight of the international community, which has high expectations of its role in helping weather the downturn.
"Almost every economic stimulus plan launched by China is in the global spotlight," said Yuan Gangming, a researcher with the Chinese Academy of Social Sciences.
Though severely damaged by the financial storm, the global real economy is somewhat better-off compared with the depression of the 1930s. The key reason is that emerging economies have boosted sustainable global growth, said Yuan.
China managed to grow by 9 percent and India by about 6 percent last year.
At the London Summit, China will continue to demand more rights for developing countries, such as more voting rights, predicted Gong Li, director of the International Strategic Research Institute of the Party School of the Communist Party of China Central Committee.
Weeks ahead of the summit, Chinese Premier Wen Jiabao called for reforming the internal governance structure of the IMF to fend off financing and investment risks, balance rights and obligations and pay more attention to the interests of developing countries.
Zhao Xijun, finance professor at the Renmin University of China, suggested that emerging economies including China, India, Brazil and Russia might take a different stand from those of developed economies.
To a larger extent, polar positions are forming across the world when it comes to collaborating on problem solving, said Zhao. Those positions reflect changes in global economic power.
The G20 summit on April 1-2 in Britain will be the second time since last November's G20 summit in Washington that leaders from the developing and developed world sit at the same table to find a solution.
"As one of the most important countries in G20, China should play an active role in the summit," said Du Dawei, director of the China Bureau of the World Bank. Concerted efforts in the global fight against the crisis, especially the huge stimulus plans launched by China and the United States, are a decisive factor in facilitating a reversal of the economic downturn, Du said.
Though the World Bank has tuned down its forecast of China's economic growth to 6.5 percent in 2009, the figure remains outstanding compared to other countries.
China's economy received less damage than other major economies from the crisis, Du said.
With US$2 trillion worth of foreign exchange reserves in hand, China is under the spotlight of the international community, which has high expectations of its role in helping weather the downturn.
"Almost every economic stimulus plan launched by China is in the global spotlight," said Yuan Gangming, a researcher with the Chinese Academy of Social Sciences.
Though severely damaged by the financial storm, the global real economy is somewhat better-off compared with the depression of the 1930s. The key reason is that emerging economies have boosted sustainable global growth, said Yuan.
China managed to grow by 9 percent and India by about 6 percent last year.
At the London Summit, China will continue to demand more rights for developing countries, such as more voting rights, predicted Gong Li, director of the International Strategic Research Institute of the Party School of the Communist Party of China Central Committee.
Weeks ahead of the summit, Chinese Premier Wen Jiabao called for reforming the internal governance structure of the IMF to fend off financing and investment risks, balance rights and obligations and pay more attention to the interests of developing countries.
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