China’s assertive stance in the run-up to the Group of 20 nations summit has paid off.
In the two weeks before Thursday’s G20 meeting, Beijing called for developing nations to have a bigger say in world financial institutions, for the International Monetary Fund to step up its surveillance of advanced economies, and for reform of the global financial system.
The forthright expression of its views – in essays from the central bank governor, a press briefing and an opinion piece by a vice-premier – was unusual. With other countries in the BRIC group – Brazil, Russia, India and China – Beijing has used its assertiveness to shape the G20 agenda, helping BRIC achieve many of its goals.
“There are some huge wins for China in this agreement,” Standard Chartered Bank economist Stephen Green said after the summit ended. “Now, more than ever, wins for the global economy are wins for China, and their mutual dependence has never been clearer.”
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