A Google search for “G4” comes up with the Apple Power Book computer. In future years it may come up with something more substantial (with no disrespect to Apple). The weighty idea of a G4 – involving the US, the euro area, Japan and China – is now being floated as a more expedient way of resolving global economic issues than the G7. After all, what influence do Canada, Italy and the UK really have on the global economy? Not that much.
On the other hand, China – which is currently left out in the cold – is a major player. Its holdings of US treasury bonds, the value of its currency, its export strategy and the openness of its domestic market – all are critical issues for governments and companies everywhere, big or small. Leaders of small African countries, for example, are concerned about China and whether their own exports can compete against those from the Asian giant.
