In the coming months, advanced economies will be expected to take serious and quicker action to let emerging economies increase their say in international governance.

In the absence of broad and deep reforms in global multilateral organizations, effective change will remain a pipe-dream. To put it bluntly: no reforms, no change.

For the first time since 2008-09, change is in the air, however.

China's contribution to G20 cooperation

Amid the global crisis and its aftermath in 2009-11, China shouldered the responsibility of driving economic growth in times of the extraordinary economic hardship, contributing up to 50 percent of world economic growth.

Despite deceleration, the Chinese economy is likely to grow almost 7 percent this year and it will thus still contribute about one third to the global growth.

"The current crisis is far more complex than any of the previous crises, and it cannot be fixed overnight," said President Xi, noting that a multi-pronged approach is required to overcome the crisis. While each country is responsible for measures to manage its domestic economy, all share a joint responsibility for global growth.

To achieve that goal, Xi raised four proposals, including strengthening communication and coordination on macroeconomic policies; promoting reform and innovation to enhance growth potential; building an open world economy to bring out vigor in international trade and investment; and implementing the 2030 Agenda for Sustainable Development to inject strong impetus into equitable and inclusive development.

The world is less than two weeks away from December 1, when China will take over the G20 presidency from Turkey. That's when China can start pushing a more effective G20.

Recently, I participated in and spoke at the international "Global Governance" conference co-held by Shanghai Institutes for International Studies (SIIS) and the Bill & Melinda Gates Foundation. After the speeches of the SIIS President Chen Dongxiao, SIIS Chairman Yang Jiemian, UN Under-Secretary General Ambassador Wu Hongbo and many other Chinese and international policy authorities, I have no doubt that China's role as the G20 host is a milestone moment.

While expectations should not be too high, it is only fair to anticipate that China will shift G20 focus more on economic development and the eradication of poverty, global governance reforms and the kind of global cooperation that is more likely to represent the interests and values of the entire world community - not just a few wealthy nations.

The author is a columnist with China.org.cn. For more information please visit:

http://www.ccgp-fushun.com/opinion/DanSteinbock.htm

Opinion articles reflect the views of their authors, not necessarily those of China.org.cn.