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Can G20 be institutionalized?

The G20 group's choice of Pittsburgh, which used to be a "rust belt city" representing the U.S.'s sunset industries but has successfully transformed into a "green city," to hold its 2009 summit is somewhat symbolic as transformation means something special to the G20 group. Since the first G20 summit held in November 2008, transformation has become a focus of economists from all over the world and it was also one of the major issues discussed at the Pittsburgh summit.

Decision-makers and economists from all countries mainly discussed the transformation of a single economy or that of the global economy however. During the three G20 summits, the significance of transformation is more profoundly reflected in international economic management.

The role of the G20 group is demonstrated in transformation. The period between the G20 Washington Summit held in November 2008 and the recent Pittsburgh Summit is actually a process of transformation, during which the G20 group has continuously improved its ability to manage the global economy. A prominent feature of this transformation is that a batch of emerging economies has been able to sit together with developed countries to jointly discuss the future global economy and reform of financial systems. Reuters noted that “rich nations humbled by a home-grown financial crisis have made room for emerging economies on the world stage, reflecting a lasting power shift that will be on full display at the G20 summit this week.”

The outbreak of the financial crisis demonstrated the urgency of transformation of the global economic management system from at least two aspects. Firstly, the financial system of the western world led by the U.S. has become ineffective, causing the virus of the financial crisis to ferment and spread rapidly. Secondly, in an age of emerging economies continuously growing, it is impossible to effectively control the operation of the global economy by solely depending on developed countries, not to mention coping with the attack of the financial crisis. This determines that the rise of G20 on the world stage is a historical necessity.

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 Source : China Daily  Editor: Ivy
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