The G20's role irreplaceable
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The evolution of the G20 has benefited from three major driving forces: The first being the international financial crisis. In the face of the financial turmoil, the response of both the United States-led G8 and the United Nations was barely satisfactory. Thanks to its policy-making efficiency and more balanced representation, the G20 quickly emerged as the leading forum to cope with the crisis.
![A woman walks past a signboard showing flags of the participating countries for the upcoming G20 Seoul Summit at the venue of the summit in Seoul, capital of South Korea on Nov. 4, 2010. The G20 Seoul Summit is to be held here from Nov. 11 through 12. [Park Jin-hee/Xinhua]](http://images.china.cn/attachement/jpg/site1007/20101108/000cf1bdd03f0e41a84e62.jpg "A woman walks past a signboard showing flags of the participating countries for the upcoming G20 Seoul Summit at the venue of the summit in Seoul, capital of South Korea on Nov. 4, 2010. The G20 Seoul Summit is to be held here from Nov. 11 through 12. [Park Jin-hee/Xinhua]") |
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A woman walks past a signboard showing flags of the participating countries for the upcoming G20 Seoul Summit at the venue of the summit in Seoul, capital of South Korea on Nov. 4, 2010. The G20 Seoul Summit is to be held here from Nov. 11 through 12. [Park Jin-hee/Xinhua] |
During the past two decades, emerging economies, with those of BRIC (Brazil, Russia, India and China) at the forefront, have become important forces in helping the world weather the crisis, which in turn highlighted the status of the G20.
The third driving force comes from major powers, especially the US. In view of the inherent drawbacks of other international governance mechanisms, the G20 became Washington's preference when seeking international cooperation.
The growing openness and flexibility of the G20 could have a complex influence on the international relations.
However, the international community has not yet reached a consensus on whether the G20 mechanism will become permanent. There is still a long way to go for a genuine reordering of the global order. In this sense, the Seoul Summit is an important window to observe the participants' efforts to institutionalize the G20.
Furthermore, the future prospects of the G20 depend on it resolving three problems. Thefirst 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.
