Global mandate for G20

China should play bigger role in joint efforts by major powers to reform the global financial apparatus

Beginning with the collapse of Lehman Brothers, the global financial crisis soon spread across the world. Many of us still remember 2008 as the year when the financial tsunami and the global downturn were well within sight.

At that critical juncture, the Group of 20 (G20) assembled to take joint action. Having reached consensus on several key issues such as opposing trade protectionism and saving the global economy from collapsing, they successfully restored order and security to the world economy.