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G-2 summit: what each wants from the other

Business Times - 29 Jul 2009


G-2 summit: what each wants from the other

US wants China to keep financing its massive debt; China wants to see its US holdings safe

By LEON HADAR
WASHINGTON CORRESPONDENT

AS FOREIGN policy experts debate the nature of the evolving international system in the aftermath of the Cold War era's bipolar structure and against the backdrop of growing challenges to American unipolarism, some pundits have been promoting the concept of an emerging Sino-American duopoly in global affairs - a Group of Two (G-2).

In such a scheme, the two global military and economic powers - the US and the People's Republic of China - could manage their complex and multifaceted relationship that is bound to be a major factor in determining the fate of the world in the 21st century.

Chinese and American officials have rejected the notion that their governments are interested in forming such a global duopoly that would exclude other global players and allow them to impose their c…