ANALYSIS-Group of Seven fights irrelevance in new world order

10-04-2009 • Forbes

As a result, world leaders decided in Pittsburgh last month that the larger Group of 20, which includes China, India and other big developing nations in addition to G7 countries, should become the premier forum for managing the global economy.

China seized on the Istanbul meeting to ram that point home in a commentary by the official Xinhua news agency.

"As emerging markets have substantially increased their weight in the global economy, especially after the subrprime crisis exploded, the G7 cannot effectively address international economic issues, and its replacement by the G20 conforms with the tide of history," Xinhua said.

One veteran G7 official, who declined to be named, remained sceptical.

"The moment you have to tell people you are still relevant, it's because you are not relevant," he said