The Seventh G20 Summit concluded last Tuesday (June 19) in Los Cabos, Mexico. Convened against the backdrop of the Eurozone crisis, world leaders emphasized growth and employment, and agreed to uphold free trade. BRICS nations also pledged to increase their contributions to the International Monetary Fund. In this post, we examine commentary on the G20 from China, India, and Russia.
Coverage of the summit and related commentary convey the overall message that China is poised to play a constructive role in multilateral forums, and that the G20 is surpassing the G8′s role in global governance.
- This view was expressed by Chen Youjun of the Shanghai Institute for International Studies (SIIS) in an interview, as well as Liu Youfa, vice president of the China Institute of International Studies, in an article.
- However, Ye Jiang, Director of Global Governance at SIIS, expressed skepticism that the G20 will replace the G8 anytime soon.
The most strident critique of the distribution of power in global financial governance came from a Global Times editorial. Besides economic clout, financial influence is also determined by a country’s political credibility and military power, the paper stressed. It also argued that “China should have the courage to do highly risky things such as RMB internationalization.”
The G20 Summit generated mixed views on India’s role in global financial governance, as well as the overall relevance of the forum. (more…)Continue Reading →