Has the G2 Become More Important than the G20?
Interesting article in the Washington Post today about the global recession — can coordinated effort between Washington and Beijing help pull the world out of “the great recession”? Shouldn’t the G20 summit be held in Beijing, the symbol of a 21st century capital, rather than its 20th century counterpart, London? Zachary Karabell seems to think so:
Today, China needs the United States as much as the United States needs China. This isn’t codependence; it’s interdependence, especially since the rest of the world needs both of them equally.
For Beijing and Washington to pull the world out of this Great Recession, they must overcome both mutual suspicion and self-perceptions that are quickly losing validity. China is no longer as poor as it claims; the United States is no longer as rich as it acts. This transition will be tough for both. China is a bit like a newly muscular adolescent; it is gaining power but doesn’t yet know how to wield it or to what purpose. As for Washington, it must learn to use muscles it hasn’t stretched for many years, muscles that are adept at collaboration rather than dictation, that are flexible rather than simply big.
Any thoughts on this? Is saving the world’s economy the job for the “G2″, the US and China, rather than the G20? Or is this problem so large that these two monoliths will only play a part — albeit, an immensely important part?