Specials

G20: achievements and prospect

(chinadaily.com.cn)
Updated: 2010-06-30 10:15

Editor's note: G20 has been playing an important role to help the world to deal effectively with financial and economic crisis. With its balanced membership of developed and developing countries, the organization doubles its efforts in 2010 to aid the world to make a successful transition from global recovery to stronger, more sustainable and balanced growth.

 

 

Declaration of Toronto G20                                                                        

"Spirit of unity" prevails at summit

The advanced economies pledged in the G20 Toronto Summit Declaration that they would cut their deficits by 50 percent by 2013 and stabilize or reduce the ratios of government debt to GDP by 2016.

As to stimulus exit, the declaration recognized the different approaches that countries would take according to their needs. It uses the euphemism "growth friendly" fiscal consolidation to try to make sure that no drastic budget cuts hurt economic recovery. [Full story]

 

Fiscal challenge

Unlike expensive stimulus programs that G20 countries adopted at previous meetings, the fiscal reform push will be far more difficult to devise and politically hard to execute at home. Yet, fiscal sustainability is essential to any lasting recovery. Policymakers should do their utmost to promote fiscal consolidation, which entails short-term pain for long-term gain. [Full story]

 

 

RMB issue isn't a main topic in G20                                                            

China "steals US thunder" ahead of G20

As criticism of China's undervalued currency has been on the rise, China's announcement, which came a week ahead of a G20 summit in Canada, was good timing to divert the world's attention. [Full story]

Currency confusion

It is the sovereign right of a country to decide the value of its currency. And it should not change to suit another country's need. [Full story]

 

G20's prospect                                                                                              

*** G20 should shoulder more responsibilities

Important mission

In a world that needs to urgently reform its governance and financial structure, international mechanisms like the G20 should play a greater role in rallying global efforts to address these challenges. [Full story]

Time for G20 to seize its potential

G20 members should begin transforming the G20 from a temporary crisis committee into an enduring global steering group.

The G20 will inevitably be drawn into a broader global agenda, encompassing issues like development, climate, and - eventually - peace and security. [Full story]

 

*** China should play a more important role in G20

Consensus key to G20

China should push fellow BRIC members to speak on behalf of other developing countries at the summit. As the world's largest developing nation, China should not only speak for its own economic interests, but also push BRIC to speak on behalf of other developing countries. [Full story]

Global mandate for G20

China has the potential to render even more service in future by properly reallocating resources and it should play a more active role in propelling the reform of the world financial regime during the forthcoming G20 meet. [Full story]

 

*** Will G20 replace G8? 

How will G8 manage to go?

As its significance is declining, many experts saw that the G8 is no longer the top body on economic issues after going through the global financial crisis. As G8 has no rising powers among its member nations, some emerging countries, such as Brazil, have argued the G8 is not really accountable, nor does it represent significant global leadership. Professor William Christian believes ultimately the G8 will be a "declining force" as China, Brazil and India are all rising economies. [Full story]