In early August and in September, G7 governments met and pledged to take the necessary measures to support financial stability and growth, and reassure fragile financial markets. The financial press reported that market participants and economists dismissed the statements as vacuous and insufficient. The view was that global measures that do not include the major emerging economies — in particular China — are meaningless.

China watchers will remember that just over a decade ago, there was no topic more hotly debated in China, or seen as more important to the country’s future, than the anticipated accession to the World Trade Organization (WTO). In a memorable 2001 article in The China Quarterly, Joseph Fewsmith wrote that: “Ironically, after years of fuming that the West was trying to keep China out of the trade body, the prospect of actually joining has set off a flurry of speculation over the impact on China’s economy and many have begun questioning the benefits of membership.” 10 years after China joined the WTO, the scenarios of gloom and doom have not come to pass. So, what did happen?

Gregory Chin, acting director of CIGI’s Development Program, says Asia offers unique experiences and resources to lead a globally coordinated effort of “benefit sharing” that can help address global imbalances. He urges the G20 to contribute to this goal through policy actions.

Fallout from the global financial crisis gave a sense of focus to the G20. As the global financial crisis fades, so does the sense of urgency about tackling the shortfalls in global governance that were highlighted by the crisis. Close observers warn that the opportunity provided by the crisis to push through the needed measures to stabilize the global financial system, to reform the global architecture, and address global imbalances is dissipating. The G20 leaders’ process is at an important crossroad in its development. A measure of self-restraint is key to ensuring the continuing success of this innovation in global summitry.