Although the global economy has now achieved nearly ten years without a major downturn in economic activity, the system faces major risks from the current drift of events. One of the official bodies where these issues are being discussed is the G20 group of ministries of finance and central banks¹. China, this year's chair, is taking a very active role. Its economic dynamism and vast foreign reserves mean that its views need to be listened to more respectfully than has been the case in the past