The Grand Epoch City in Xianghe County, Hebei Province, which recaptures the view of old Beijing town, will become the focus of attention of the whole world in the coming two days, being the venue of the seventh G-20 meeting of Finance Ministers and Central Bank Governors held in China.

China's traditional red high walls surrounding the imperial palace, pavilions and the lotus pool in typical Chinese gardens, the Chinese courtyards, the Ruins of Waterworks, stone arch bridges, and Chinese lanterns all help to outline the Chinese pattern to welcome the world economic and financial personages.

Across the miniature Jinshui Bridge and through the imitated Qianmen Business Street is the main hall of the G-20 meeting -- the Zheng'an Palace. Finance ministers and central bank governors from 20 nations such as China, the United States, Britain, France, Germany, Japan, and India, President of the World Bank, Managing Director of the International Monetary Fund, and President of the European Central Bank will walk into the palace Saturday to have dialogues on balanced and orderly world economic development.

Correspondents covering the event will have many eye catchers like Chairman of the US Federal Reserve Greenspan, U.S. Treasury Secretary Snow, and President of the People's Bank of China Zhou Xiaochuan.

Greenspan is on his first tour in China during his 18-year run. Greenspan, age 79, might have his last presence in such a high-level financial meeting before he retires at the end of January next year. All the reporters attending the meeting want to grab the chance to see him.

It's said that Greenspan is a lover of art and likes to ponder upon economic issues while bathing in bathtubs. A reporter of Beijing media jokingly wished that the Chinese flavor of the "old Beijing town" would give inspiration and a good mood to Greenspan.

Snow, nicknamed as "smiling Plutus" in China, started his one-week visit to China on Oct. 11. His travel from Shanghai, to Sichuan, and then to Beijing will add much to his understanding of the achievements and difficulties of China's economic development.

The two U.S. financial personages will also attend the Sino-US Joint Economic Commission meeting together with China's finance minister Jin Renqing and central bank governor Zhou Xiaochuan when the G-20 meeting ends.

Snow was quite concerned with the Renminbi exchange rate during his visit to China, and explicitly expressed his wish in his speech in Shanghai that the Renminbi exchange rate should be more flexible. However, most Chinese economists disagree with the common view that Snow and Greenspan are to visit China to pressure further appreciation of Renminbi.

Dr. Yi Xianrong with the Institute of Finance and Banking of the Chinese Academy of Social Sciences agreed to an objective view of the imminent Sino-US economic dialogues from all sides, and reckoned that the Renminbi exchange rate was one of the possible issues touched upon.

President of the World Bank Wolfowitz was also on his first tour in China. Jin Renqing and Zhou Xiaochuan will hold bilateral talks with the foreign guests.

The theme of the seventh G-20 Finance Ministers and Central Bank Governors is "Global Cooperation: Promoting Balanced and Orderly World Economic Development". Some 500 reporters from more than 150 media in the world would witness the dialogues among the world financial officials.

Source: Xinhua