G-20 leaders to meet in Shanghai with hopes of stabilising global economy

Tokyo

FINANCE ministers and central bank governors from the Group of Twenty (G-20) advanced and emerging economies will meet in Shanghai this week amid hopes that they can rekindle the "moment of glory" in 2009 when the newly launched group was seen to rescue the world from financial meltdown and economic slump.

There are similarities between the situation then and now as leading monetary and financial officials again confront threats to the global economy - with growth stuck at low levels, emerging markets stumbling, commodity prices reeling, debt levels soaring, currencies gyrating and fears of a systemic crisis.

Great expectations have been aroused since China took over the G-20 presidency from Turkey this year, according to former Goldman Sachs Asia vice-president Kenneth Courtis. The culminating event of China's presidency will…