by William Jones

As we approach the 10th anniversary of the G20, we see that it represents today the necessary forum for preventing the various centrifugal tendencies inside the world economy today from pulling apart the essential framework of collaboration and harmony needed for a functioning world economy. Because of the diversity of interests and the divergences in views with regard to the problems countries are facing, the G20 gives the opportunity to clarify viewpoints, and perhaps to clear the air regarding problems between individual nations. It is to be hoped that the G20 can reach consensus on major problems, but at the moment the needed “harmony” is seriously lacking.

But the meetings between the leaders bilaterally and in the multilateral discussions can be of a big help in clearing up misunderstandings and perhaps finding a “pathway” to ultimate resolution of some of the outstanding conflicts, in particular, the US-China trade dispute, providing a means of at least seeing a “light” at the end of the tunnel. Moving forward on resolving disputes, the G20 can perhaps become the “train” for bringing the world through the tunnel to that “light”. Most important in this respect are the relations between the “big four” of the world economy, the U.S., China, Russia, and India. But even getting cooperation between these four is difficult, as we have seen President Trump under pressure to cancel his meeting with President Putin, which he has done.

Most important at this meeting, I think, is putting the U.S-China relationship back on track. If this happens, the world situation will brighten considerably even though all questions in this regard cannot be resolved at one meeting.

China represents the real force of stability in the G20. It has no major conflicts with any of the countries, except the U.S., and this may be alleviated somewhat during the course of this G20. Having served as the growth engine in the world economy during the recent period, and with the support it has engendered with its Belt and Road Initiative, there has been a great deal of understanding of, and support for, its playing a more active and positive role politically in global affairs. And the program set out by China at the Hangzhou G20 Summit, still represents a blueprint for success if it were implemented.

William Jones, the Washington Bureau Chief for the Executive Intelligence Review magazine, and senior fellow of the Chongyang Institute for Financial Studies at Renmin University of China