Will be held in Seoul, Korea Group of Twenty summit will focus on topics from the response to the financial crisis to maintain global economic stability and growth. After the outbreak of the financial crisis two years ago, countries have introduced a series of economic stimulus plan, but including China, Brazil and other emerging market economies, including fast out of the crisis and resume growth, while the majority of developed economies are still growing weak state.

Many countries can not do anything, the world economy into the ‘Japanese-style recession’ state.

In some Western countries, the public on the one hand want to be able to quickly out of recession, recovery of employment, on the other hand do not want to pay taxes, I hope no painful adjustment.

The current policy tools they can use very limited. After the financial crisis, stimulus plan proposed by all countries to respond to the crisis, the actual result, the stimulus in the surplus countries have achieved good results, especially China, and in the deficit countries and the effect is not good.

According to the National Bureau of Statistics, third quarter gross domestic product (GDP) grew 9.6%, while the first three quarters year on year GDP growth of 10.6%. The U.S. Department of Commerce by the end of October announced the initial third-quarter GDP growth, the chain fold increase of 2% annual rate, although there has been no market has been worried about the “secondary depression”, but the recovery remains hidden.

The global economic recovery in the current state of imbalance, the two countries must be taken to coordinate policies, to make the world a more stable within the range of recovery, rather than short-term recovery.

The current global economic imbalances is very serious, you need a global New Deal to establish governance and better coordination of macroeconomic policies. In addition, in order to solve the financial crisis and the deeper question, requires States to the Government to show more clearly the norms and guidelines to guide monetary policy, banking norms to guide the technical management of capital flows. The only way to see the global price stability, foam to eliminate, minimize the possibility of a financial risk.

Current economic crisis has revealed the external imbalances between countries and within countries the seriousness of the imbalance. China is now the world’s second largest economy, the largest exporter, also has the largest current account surplus, the proportion of global GDP, about 9%, although the United States is still the first, for any economy to a single said that the United States are very difficult to replace.

China and other countries may need some adjustment measures to achieve coordination without having to sacrifice economic growth significantly.

For China, economic size bigger, bigger responsibilities. Including the United States, other countries, including the European Union may not know now how to do it, but the Chinese already know, and respond well.

China should take full advantage of the benefits of the technological revolution, whether it is electronic technology, the Internet or biotechnology, are still ripening process, there is great potential, China needs, like other developed countries to promote technological innovation through more restructuring the entire country, technological change will provide new growth momentum, while also helping to better address issues such as climate change, resource scarcity, urbanization and population aging problems.

Technological innovation, not only to their own efforts, it is important, but also in global networking.

At present, China is already the world’s largest trading nation. China not only needs to improve the vitality of the entire country, in fact, promoting the sustainable development of the world, for the benefit of globalization and even the future of the world that bear great responsibility. Now that all goals are met without China.

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