Coming at the same point from the Beijing direction, Huang Yiping and his colleagues offer a range of reasons why China cannot institutionalise a G2: a ‘small country mentality’, nationalist sentiment that fears US conspiracies and wants to say ‘No’ to Washington, and a Chinese willingness to claim more rights while not taking on ‘more of the responsibility for maintaining a stable global economic environment’. Beijing is more comfortable with the G20 than any open expression of the G2: China sees the G20 as the best compromise between representativeness and efficiency for dealing with international economic issues and is interested in making it a permanent institution. The Sino-US partnership will probably be a cornerstone of China’s international economic relations. But China is not ready to formalise the institutional arrangement of a Group of Two (G2) for global economic affairs. China promotes collaboration between the BRICS countries but regards it more as a platform for formulating policy positions among key emerging market economies, not as a parallel organisation alongside the G20.
Tags: