China's role in the G20 has greatly evolved since the global financial crisis broke out in 2008. After watching other economies take the G20 chair for five years, China made its bid in 2014 and was chosen to host the G20 Leaders Summit in 2016. But has the G20 chair come to China too late for the globalization agenda?

Back in autumn 2008, when the global financial system was in freefall, China stepped in to play an important role, together, with the other leading economies at the then new G20 Leaders Summit in Washington in November 2008, and at the next summit in London in April 2009. But despite China's efforts to stabilize the world economy, the traditional powers did not offer to share the global responsibilities with it.

China coordinated with other leading economies to send the right signals to the global financial markets. But as soon as a sense of order was restored in 2009, the world's leading powers reverted to their previous positions.