On October 15 and 16, China northern town Xianghe, east of Beijing, became a temporary "nerve center'' for global finance circles. Finance ministers and central bank governors from 20 countries, including China, the United States and Britain, started their talks on international economic cooperation in a town of "old city of Beijing'' built by following the pattern of Beijing. They reached consensus on the reform of the Bretton Woods Institutions (BWIs), global development and restructuring G-20 (Group of 20 nations) at the meeting. It will give rise to a far-reaching impact on strengthening international economic cooperation and establishing a fair and reasonable world economic order, according to the overseas edition of People's Daily on October 17.

China has always attached importance to the role of G-20. As a host nation of the G-20 this year, China conceived a theme for the meeting, "Achieving Global Economic Development in Balance and Order," well reflecting its significance. In the economic globalization, the widening gap between rich and poor nations has become an urgent task of study for the human society. Some developed countries, apart from making use of their own advantageous capital and technologies, have practiced trade protectionism and double standard to situate themselves in a more favorable position in the process of economic globalization while many developing countries have been deep in a marginalized position. Chinese President Hu Jintao attended and addressed the opening ceremony of the Seventh G20 meeting. His proposition "respecting the diversified development models and helping developing nations'' received high praise from the participants. International observers believe that China infused strong Chinese colors into the theme and results of the meeting. China has been in the ranks of countries working out the game rules of the world economy. Managing Director Rodrigo de Rato of the International Monetary Fund said clearly at the meeting that he hopes China to play a greater role in the international financial system.

As a matter of fact, no dialogue mechanism in the current world economy can exist without China. The meeting can be said to be a dialogue mechanism with the most economic influence in the world. However, with emerging market economic countries and the deepening of the interdependency of world economy, G-7 could no longer serve as the regulator for the world's economy. According to international opinions, the Group of Seven's influence has been discounted if without China's participation, or even has legitimacy crisis as a "world government''. The G-20 Finance Ministers and Central Bank Governors Meeting invited Chinese Finance Minister Jin Renqing and central bank governor Zhou Xiaochuan to attend its September meeting this year. That was the adjustment made by G-7 in face of new situation. Deciding to establish G-20 in 1999, G-7 was aiming to enhance its dialogue with new emerging market nations and countries in transition. With 90 per cent of the world's Gross National Product, 80 per cent of the global trade and two thirds of the world's population, G-20 has swiftly become an international economic forum with an important impact. Actually, it has become an essential supplement to G-7.

Bilateral dialogues drew world's attention during the meeting, especially the interaction between China and the United States. This time, all senior economic officials of the Bush administration came to China for the G-20 meeting and the 17th session of China-US Joint Economic Committee. US Treasury Secretary John Snow's visit to China also includes a visit to remote areas in China so as to understand more about China's economy. US Federal Reserve Chairman Alan Greenspan made his first visit for the past 18 years, which will likely be his last visit to China before the end of his term of office. China and the United States are the biggest developing and the biggest developed country in the world respectively. The dialogue's significance will be far beyond bilateral sphere, producing an economic impact on the world as a whole.

Just as what Robert B. Zoellick, US Deputy Secretary of State, said, "We hope to intensify work with a China that not only adjusts to the international rules developed over the last century, but also joins us and others to address the challenges of the new century. The United States will not be able to sustain an open international economic system -- or domestic US support for such a system -- without greater cooperation from China''.

The article, carried on the front page of People's Daily Overseas Edition on October 17, is translated by People's Daily Online