Other experts share Karabell’s opinion. They think the success of the G20 mostly depends on what China and the US decide upon.
“How they are going to work everything out will be very important in terms of how we get out of the current downturn,” Jonathan Fenby, a British historian and authority on China told China Daily.
Former US national security adviser Zbigniew Brzezinski has also said that the world should focus less on the G20 and more on a “G2” of China and the United States.
For decades, the US has governed the world, but in a few short years China has emerged as the world’s second largest economy, said The Washington Post.
In 2008, before the storm hit, China and the United States were responsible for more than half of all global economic growth. This year, China will probably still grow 8 percent while the US suffers a depression.
In many respects, China and the US have become a single economic system. China has holdings of about $700 billion in US government debt. The US needs the money to survive the financial crisis.
Meanwhile, China needs the US as much as the US needs China. Trade with the United States remains one of the bright spots of China’s economy, as US companies fuel much of China’s domestic economy. From its leading consumer brands-------including Oil of Olay and the hugely popular KFC------to high-end (高端的) industry, China’s development relies on foreign businesses.
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