The G20's role irreplaceable
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The first is whether it can balance the influence between the developed world and emerging economies. The US, Japan and the EU will endure long-term feeble growth, with gradually weakening superiority over a long period. The relatively fast economic growth of the emerging economies will continue to reduce the gap between them and developed countries. Whether the West-dominated world economic structure can realize a smooth transformation will be a major test for the future development of the G20.
The second problem is whether it can properly manage its relationship with the UN. For the present, economic issues remain the focus of the G20, while the UN still focuses on political and security affairs, with both global mechanisms coexisting and complementing the other. But any progress will inevitably mean that the G20 will cover more issues, such as global climate change and sea-route security, and this might cause difficulties between the two.
The third problem is whether it can properly handle its relationship with non-G20 countries. Among more than 200 states and regions that engage in global economic activities, the G20 member countries only account for 10 percent. So, the G20 needs to properly handle its relationship with other countries, listen to their claims and respect their interest demands.
China has been keeping a positive attitude on the evolution of the G20, partly because the G20's growing status has raised China's voice and influence in international economic affairs and it provides another important platform for Beijing to participate in the formulation of global economic rules. In the future, while strengthening efforts to institutionalize the G20, China can promote progressive adjustment of the international economic order.
The summit will also be a chance for China and the ROK to restore ties and promote cooperation after the Cheonan incident.
The G20 Seoul Summit provides an important platform for China and the ROK to conduct cooperation on bilateral, regional and global levels. Leaders from both states can take advantage of the multilateral arena to exchange views on problems of common concern, enhance mutual understanding and build up political mutual trust.
Sino-ROK cooperation will also favor the raising of Asia's voices and influence in the G20. Meanwhile, their support in the institutionalization of the G20 and contribution to global economic recovery and sustained growth are of vital importance. So, both states should seize the opportunity, conform to the trend of the times and jointly promote Sino-ROK strategic partnership to a new and higher level.
The authors are researchers at the School of International Studies, Renmin University of China.
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