Can it only be 10 years since China's ascension to the World Trade Organisation (WTO)? Only a decade ago, many pundits wondered if China's rise would be conducive to global development and whether Beijing would adhere to international norms?

No one then could have foreseen that China would be asked to help bail out Europe from a financial crisis that threatens nothing less than the future of the euro and the global economy. Yet that is precisely the scenario as the world's richest countries gather in Cannes, France, today for the G20 summit. China, sitting on vast capital reserves while other...

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