Comprising the world's 20 largest economies, including the European Union, the G20 has become a de facto global concert attended by a wide range of regional powers and international institutions. Endorsed by such broad participation, its legitimacy as the premier forum on international economic cooperation highlights the importance of global governance and major-power coordination today.

As a "concert of global powers", the G20 Leader's Summit in Hangzhou, East China's Zhejiang province, on Sept 4-5 could serve as a cornerstone of world peace and economic governance.

Under the framework of the G20 system, the macroeconomic coordination among the world's major economies managed to prevent the global economy from collapsing in 2009 and 2010. The Paris Agreement on Climate Change in December 2015, which was signed by more than 170 countries in April this year, is another case in point - so is the trilateral cooperation among China, the United States and the EU within the UN framework.