From rule-takers to rule-makers

G20 should pay more attention to the voices of developing countries and work together for fairer global governance

The G20 summit to be held on Thursday and Friday in the Russian city of St. Petersburg is expected to seek macroeconomic cooperation and coordination to give a boost to the nascent global economic recovery. The Group of 20 Finance Ministers and Central Bank Governors was created in 1999 as a forum for cooperation and consultation for the global economic architecture in the 21st century. With the onset of the global financial crisis in 2008, the G20 brought the group's leaders together for their first summit in Washington. Since then, the G20 has achieved concrete outcomes in responding to the global financial crisis, stabilizing financial markets and fostering steady, sustainable and balanced global growth.

China attaches great importance to the G20, a platform where it participates in global economic governance both as a founder and a key player. The country has even made participation in the G20 and other global economic governance mechanisms an integral part of its 12th Five-Year Plan (2011-15). During the fifth round of the China-US Strategic and Economic Dialogue in July, Beijing and Washington agreed to strengthen macroeconomic policy coordination under multilateral frameworks including the G20.