China draws world's attention ahead of G20 summit
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A decisive caller for progress though solving problems
Ever since Day One of the ongoing crises, China and Germany have borne the brunt of criticisms that the off-balance development of the global economy was caused by their huge trade surpluses which inflicted colossal trade deficits upon the United States.
This claim can easily be brushed aside as lop-sided and narrow-minded, in that factors contributing toward the near meltdown of the global financial and economic systems had also included, just to mention a telltale few, the off-balance of savings and spendings, the off-balance of wealth distribution and re-distribution, the off-balance of resource ownership and consumption, and the off-balance of the international monetary system as a whole as against the contributing and counting currencies.
In essence, according to architects of the Chinese economic development, the imbalance between the North and the South has been the key factor in triggering the ongoing financial and economic crises.
China is in the belief that only through effective and efficient development of the developing countries can the global economy anticipate a genuinely firm recovery which can be expected to maintain part and parcel for sustainable growth.
China is turning its own attention, too.
It is not only looking forward to the G20 Summit for more focused attention from peer G20 members on the issue of reforming the global financial and economic mechanisms, but also looking toward the scheduled United Nations MDGs conference in September for more political back-up.
For the upcoming G20 Summit, China has taken as its defining content the reformation of the international financial and economic formats, by which China expects the World Bank and the International Monetary Fund to give more says to developing and emerging economies.
Sergei Drobyshevsky, head of currency policy studies under the Russian Institute for the Economy in Transition, has predicted that China is set to play a bigger role in the G20 framework thanks to the country's existing and projected growths in years to come.
Modesty is not only a natural trait of the Chinese who just resort to it from time to time to start afresh in pursuit of set targets for development.
Yuan Peng, director of the American Studies at the China Institutes of Contemporary International Relations, has reminded his countrymen that China should play an active role in the G20, but its role-playing should match up its national strength of a developing country.
The warning has come at a time when some from the West are hooplaing a proposition of "China responsibility."
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