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SINGAPORE — As Group of 8 leaders meet in the seaside resort of Deauville in northern France, most Asian leaders’ eyes are focused on the Group of 20 summit meeting planned for Nov. 3 and 4 in Cannes, which is expected to grapple with how to set the global economy and its wobbling recovery on a more sustainable and balanced path to growth.

Since the economic meltdown of 2008, as far as many Asian leaders are concerned, the G-8 has been supplanted as a forum for discussing global issues by the broader G-20, which includes the...

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