The promise of China's G20 presidency

China has assumed the G20 presidency since Dec 1. Over the next year - and especially at the organization's September summit, to be held in Hangzhou - China plans to help lay the groundwork for a world economy that is more "innovative, invigorated, interconnected, and inclusive." The question is how.

The G20 has gained some momentum, and China can benefit. If the current United Nations Climate Change Conference produces a binding global agreement to curb greenhouse-gas emissions, that momentum will become even stronger. Given that the G20 countries represent two-thirds of the world's population and 85 percent of its GDP, they would be integral to the implementation of any deal. By providing a framework for these countries to meet regularly to discuss global challenges like climate change, the G20 - which is, at best, a club of self-selected members - gains legitimacy.

All of this bodes well for China's capacity to help counter the global slowdown in growth, trade, and investment. And not a moment too soon: The ongoing slowdown is among the greatest risks the world currently faces, because it could exacerbate desperation and instability in already-fragile countries, while compelling more robust economies to turn inward, rather than address proliferating crises.