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Experts call for G20 transformation, criticize U.S. quantitative easing

English.news.cn   2010-11-10 21:24:32 FeedbackPrintRSS

by Xinhua Writers Jiang Tingting, Guo Xinfeng

BEIJING, Nov. 10 (Xinhua) -- On the eve of the G20 Seoul summit, experts have called for the transformation of the G20 from a crisis managing body to a long-term mechanism of global governance.

"As the world economy rebounded from the recession, the G20 should consider how to establish a long-term and effective mechanism to help maintain strong, balanced and sustained global economic growth," said Cui Liru, president of the Chinese Institute of Contemporary International Relations.

He made the remarks at a seminar on global governance and sustainable economic development co-hosted by the China Center for International Economic Exchanges and Bertelsmann Foundation.

Further, Domenico Lombardi, president of the Oxford Institute for Economic Policy, said the G20 should give stronger voice and better representation to Africa.

The recent move by the International Monetary Fund (IMF) to shift more than 6 percent of quota shares to dynamic emerging economies represented a significant improvement in giving developing countries greater say in international financial institutions, he added.

Zhang Yuyan, director of the Institute of World Economics and Politics of the Chinese Academy of Social Sciences said, "I hope the G20 could play a bigger role in the future in issues like climate change, financial and economic development and trade."

Second round of quantitative easing

Experts also lashed out at the U.S. second round of quantitative easing, as it would send more speculative capital flowing into emerging markets, fuel inflation concerns and worsen asset-bubble risks.

Last week, the U.S. Federal Reserve (Fed) announced plans to purchase 600 billion dollars of treasuries to stimulate the sluggish economy and boost employment.

Editor: Deng Shasha

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