Lei, Wang, and Wang Rui

Abstract
Since its establishment, the Group of Twenty (G20) has undergone three phases of institutional transition: from an informal forum among finance ministers and governors of central banks at the beginning, to a crisis-management mechanism mainly to cope with the global financial crisis, and increasingly to a long-term platform for global governance in recent years. With increasing representation and mandates, the G20 has been playing a key role in forging high-level consensuses and coordinating policies and actions among major economies so as to keep the world economy and development on track. Faced by the many challenges within itself and from the changing dynamics of the world economy and development, the G20 has to improve its cooperative spirit, representativeness and effectiveness before it can become a full-fledged institution for global governance.
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