But there are other issues that are harder to see, issues that will not hit the headlines before it is too late, as they happen slower. These include issues such as the demographic crunch with an aging global population, the increased population pressure as the world moves toward 10 billion people, growing inequalities within and between countries, and finally an accelerated development of new technologies.

All these can bring humanity fantastic gifts if they are met with the right framework, but they could also drive the world into conflict and problems beyond imagination. Especially since natural resources on the planet are not enough to provide everyone with a "G8 lifestyle".

This brings us to what I think is the more interesting, and less discussed, G2 – China and India. I was fortunate to be in Delhi during President Hu Jintao's visit in 2006. During this trip, a number of initiatives were started and it is clear that the 2 billion-plus population countries share many challenges and opportunities.

Cynical observers have focused on the differences between the countries and many Western observers seem to view China and India as pawns in the power play between the G8 countries. But anyone that can do the math and look at the history of these two countries will realize that there will be a very interesting G2, whether we like to call it that or not.

By ensuring closer and more strategic ties between China and India, the world will get two countries with long, proud histories that are a welcome balance to the dominating Western narrative in most of today's global institutions. The world would also get two countries that are reflections of how the world as a whole looks like, with a mix of rich and poor people and different development paths.

The most interesting aspect of the "Chindia G2" would probably be the end of the idea of Western countries as the goal of "development". We could also get a discussion about where the world can and should go next. We need a global circular economy for that and the two countries that probably have the best opportunity to provide guidance on how this can be done in a practical way are China and India.

Every time I visit China and India, I see more and more similarities when it comes to the big challenges. With their roles as global economic engines, it becomes very important what direction those engines will move and what fuel they will use. If China and India start collaborating in a way that shows the world the two countries – which together contain about 40 percent of the world's population – can develop joint innovative strategies for global sustainability, it will be a very good step forward for this current crisis.

This G2 understands the need for innovative solutions that deliver more than incremental improvements, as this is necessary to lift people out of poverty and deliver solutions that do not result in conflict over natural resources a few years from now.

So while most people are looking for a US-China G2 along the lines of the old school, the most important G2 will probably be that of China and India. We should see these two in a relationship that is mutually beneficial.

With a global agenda that delivers global benefits, China would start building a global governance culture beyond narrow self-interest that also includes scientific consideration for the planet in a way that the current economic system has failed to do. This would be a very good start for the 21st century and a way to turn the current economic crisis into something that will benefit both the people and the planet in a way that we never done before, but that we urgently need.

Deng Xiaoping once said that a real Asian century will arrive only when China and India are developed – this time is now emerging and for it to deliver a positive outcome, the two G2s could play a crucial role.

The author, Dennis Pamlin, is a global environment policy advisor specializing in China and India.

(China Daily March April 21, 2009)