G8 summit faces multiple tests to stabilize financial market rules

July 8 to 10th, the annual Group of Eight Summit will be held in the central Italian city of Aquila.　　From the world economic crisis to the issue of climate change, from energy security issues to food security issues, from global trade issues to global security issues, summit issues are "everywhere". Moreover, according to Italian Foreign Minister Frattini, the summit will be held in the form of "dialogue between developed and developing countries" in addition to the meeting of the Group of eight countries.　　In addition to the five countries of China, India, South Africa, Mexico and Brazil, Italy invited Egypt to participate in the dialogue between the Group of eight and the leaders of developing countries. However, analysts pointed out that the increase in the number of issues and the expansion of the scale also means that the L ' Aquila Summit will face more tests and challenges.　　To withstand these tests, leaders will need to be insightful, in-depth, consensus-oriented, articulate and responsive to the "highest" confidence, ideas, responsibilities and strategies to meet the challenges. To formulate rules to stabilize financial markets no doubt, tackling the world economic crisis will be the main issue of this summit. Italy's Prime minister Silvio Berlusconi, the group's rotating president, said the summit would be a summit to set rules for stabilizing financial markets, hoping the summit would send a positive message to the world economy.　　But he also stressed that the leaders of the Member States would discuss the rules on financial markets at the summit, but the specifics of the rules would be officially launched at the 20 meeting of the Pittsburg in the United States in September this year.　　German Chancellor Angela Merkel said 2nd that the German Government will promote the establishment of the international financial market Constitution to avert a recurrence of the crisis in the Group of Eight Summit. However, some analysts are worried about the summit's ability to make substantial progress in coping with the crisis.　　Ersing, director of the Globalization and World Economic Project group of the German Foreign Policy Association, told Xinhua that the summit would reaffirm the resolve of the parties to respond to the global financial crisis and the recession, but there would be no substantial progress in that regard. Italian Foreign Minister Frattini in an interview with Xinhua news agency reporter also pointed out that the Group of eight should focus on the specific results of the summit.　　He said he would propose to hold a meeting of the Group of eight foreign ministers in September this year to review the implementation of the commitments. China's deputy foreign minister, Yafei, said at a media briefing 2nd that the international mechanism to deal with the world economic and financial crisis should be in line with the three principles of broad representation, equality and effectiveness. Representativeness, that is, any response to the world economic and financial crisis should be a mechanism for both developed and developing countries to balance, equality, is the world's countries, regardless of size and strength, both developed and developing countries should have equal voice;　　can solve real problems. Climate change negotiations bogey "disguised" this year is the world's key to tackling climate change, people look forward to this summit on the issue of a turnaround. Host Italy says efforts to make this summit a milestone in tackling climate change。　　Frattini said he looked forward to a consensus on climate issues during the Summit to prepare for the U.N. Climate change conference in Copenhagen, Denmark, in December this year. Whether this summit can make a breakthrough on climate change is the ability of the Group of eight major developed countries to make a substantive position change. Chinese Vice Foreign Minister Yafei 2nd said China is firmly opposed to the use of climate change in the name of promoting trade protectionism, because it "is not conducive to the recovery of the world economy, harmful and not selfish." He said climate change is a common challenge for all humankind, and that the United Nations Framework Convention on Climate Change and the Kyoto Protocol should be the main channels for international negotiations and cooperation in tackling climate change.　　In other words, the principle of "common but differentiated responsibilities" should be adhered to. Some media said that the estimated "carbon tariffs" will become the United States and China at the summit of the dialogue between the attack and defense focus. The article said that in response to the U.S. House of Representatives passed the "carbon tariff" provisions of the bill, the Ministry of Commerce 3rd on the website that China firmly opposed to the implementation of "carbon tariffs", and added that such provisions could trigger a "trade war." According to statistics, China's exports of electromechanical products to the U.S. last year amounted to 152.86 billion U.S. dollars, accounting for 60% of total exports to the United States.　　If the United States levy "carbon tariffs" will have a serious impact on Chinese exports, the move may also trigger the EU to emulate, so that China's exports "worse." Changing food aid as a key to long-term investment the continued spread of the world financial and economic crisis has led to continued growth of hunger, poverty and unemployment, the volatility of food prices and the imbalance between supply and demand that has heightened concerns about global food security.　　A special meeting on food security will be held during the summit.　　According to the Financial Times, the Group of Eight will unveil a "Food Security Initiative" this week, pledging to invest more than $12 billion trillion in agricultural development over the next 3 years, a move that marks a further shift from food aid to long-term investment in developing-country agriculture. It is understood that the group of Eight initiative highlights the U.S. government's new strategy to eliminate global hunger, reversing 20 decades of almost exclusively focused on food aid policy. In a recent speech, U.S. Secretary of State Hillary Clinton said the main response to hunger for too long has been to deliver emergency (food) aid in the worst of the crisis, saving lives but not addressing the root causes of hunger.　　This is at best a short-term remedy. In introducing the "L ' Aquila Food Security Initiative", United Nations officials and the Group of eight diplomats said the United States and Japan would provide the bulk of the money, with a contribution of 3 billion to 4 billion dollars, with the remainder coming from Europe and Canada.　　Officials said spending would be twice times higher than previously. But the report says such a change in the US government will face controversy at home because the country's farmers are the world's many, including soybeans and corn.　　The United States, the world's largest food aid donor, donated more than 2 billion dollars last year, mainly to crops grown by American farmers. The security of US dollar assets is more concerned by more countries the article in the letter said that more countries would join China and Russia at the summit to call for a discussion on the status of the dollar.　　India has indicated that it is looking for a reserve currency other than the US dollar, and France says it may have to discuss the global harmonization of currency exchange rates in the medium term. Indian Prime Minister Manmohan Singh's economic advisor, Tendurka, said in a Bloomberg interview 4th that the Indian government's foreign exchange reserves are dominated by the dollar, one of the problems facing India.　　He is urging the government to reduce its holdings of dollars and diversify its $264.6 billion trillion in foreign exchange reserves.　　Speaking at a conference in the south of France, French Finance Minister Christine Lagarde said the global need to address the issue of improving exchange-rate policy coordination, as the financial crisis and the rise of emerging countries changed the world, in the medium term, the balance of the currency and their respective roles need to be addressed. Yafei, China's deputy foreign minister, told reporters at a Chinese-foreign media briefing 5th that the US dollar is the main international settlement and reserve currency and the U.S. government has a responsibility to keep the dollar stable.　　China has also expressed concern over the security of US dollar assets for years as many countries have called on the US Government to act to maintain the stability of the dollar. He also said that the creation of a Super Sovereign international reserve currency is only a discussion in academia, not the Chinese government's position. The dollar is now the world's most important reserve currency, "We believe it will be the same in the next few years, which is the reality".