The G20 has had a number of discussions, and there are some improvements in the policy coordination between developed countries.
The Fed’s currency swap agreements with the other 5 countries certainly have reduced the financial risks caused by lack of liquidity, but the divide between the G6 (or C6) and the rest is worrying.

From China’s perspective, improvements in boosting confidence and reducing vulnerabilities through the implementation of effective macroeconomic policies and structural reforms by the G20 are very limited, if at all. Would the Fed really take a developing country’s economic realities into consideration when deciding at what point it should exit from QE?

The frustration felt by developing countries is very deep, and it is pushing them to do something outside the G20 framework.

From China’s perspective, the Financial Stability Board (FSB) and Bank for International Settlements (BIS) have done many useful things, which are helpful for developing countries. By introducing good standards and norms, which are based on the experience of developed countries and crystalized and championed by international bodies such as FSB and BIS, developing countries are able to improve their financial stability. China has benefited from their works. But some of the international and domestic regulatory reform agendas, such as the reform of over-the-counter derivatives, the enhancement regulatory and supervisory regimes, may not be that relevant to developing countries because of differences in stages of financial development. For example, China has its own shadow banking problems. But these problems are very different from those in developed countries and China has to figure out how to solve these problems by itself.

On the other hand, the international community should do more in some other areas such as money-laundry and tax havens. Free movement of capital should not be abused to damage a country’s financial stability. Without international coordination, it is impossible to accomplish the tasks abovementioned.

The refugee crisis is an important footnote to the current state of development. On the one hand, some progress has been made in poverty reduction. On the other hand, in the war-torn countries millions and millions of people have suffered from unspeakable hardship, bringing their very survival into question. The developed countries, especially the United States, should think harder when they are championing their noble cause of democracy. They should ask themselves whether they are prepared to accept the consequences and help those they will leave behind, before taking actions.

The international community should redouble their efforts to wipe out terrorism and bring back peace and stability to those war-torn regions.

China’s efforts in setting up the AIIB and Bricks Bank are applaudable. The cooperation between the World Bank and these new institutions should be a great blessing for the development agenda. 

It is regrettable that FTA negotiations have replaced multilateral negotiation under the umbrella of the WTO, and the politicizing of trade negotiations is worrying. Multilateral negotiations should not be used as a leverage to force open developing countries capital accounts

I agree that “The U.S. and China’s recent joint announcement and “ambitious but achievable” commitment to reducing global emissions demonstrates encouraging developments in addressing climate change issues.” Chinese leadership should be praised because of its courage to tackle climate change seriously, which means huge economic sacrifice in the short-run. I believe other developing countries such as India will follow suit. This is one of the few areas with great global significance where true progress has been made. Count the number of blue skies in Beijing this year!

More technical support from developed countries and key stone-international organizations is needed.