The initial consensus forged at the G20 level at both summits in 2009 is now breaking down. When the global economy perched on the edge of abyss, these countries managed to forge an agreement to stimulate their economies. The issues of the root causes of the crisis, the extent to which global imbalances contributed to the crisis and how they should be resolved remain contentious. Significant reforms of the present international financial, monetary and trading system have yet to materialize despite numerous discussions and proposals.

The Beijing workshop, Rebalancing the World Economy with Emerging Powers: the Search for Post-Crisis Growth Models and Policy Tools for Macro-Coordination, is focused on finding policy tools to rebalance the global economy. The overarching concern of the workshop sessions is to link the “Framework for Strong, Sustainable, and Balanced Growth” to the issue of policy cooperation. In particular, participants will explore tools of cooperation – from peer review to surveillance – and feed their recommendations into the G20 2011 agenda.

The May 2010 special issue of International Affairs, “Global Economic Governance in Transition” (edited by Andrew F. Cooper and Paola Subacchi), will be launched at the opening dinner. Wang Jisi, Dean of the School of International Studies, Peking University, will provide a keynote address, examining the Chinese perspective of global governance.

This is a meeting of the ESRC Rising Powers Network, coordinated by Chatham House and CIGI. Financial support for this project has been generously provided by the Economic and Social Research Council (UK).

Project: Rebalancing the World Economy

Partner: Chatham House (UK)

Hosted by: The Department of International Political Economy, Peking University in Beijing

Sponsored by: Economic and Social Research Council (UK)

Photos of CIGI experts at the event can be found here