Multilateralism came into play as the finance chiefs of the Group of 20 major economies joined hands on Saturday to back once-in-a-century international tax rule changes, but the move did not signal any better relations between the two key members of the forum — the United States and China.
Some U.S. experts on China expect no breakthrough anytime soon in the strained ties between the world's two largest economies, while other analysts warn that Japan, a U.S. security ally with close trade ties with China, should accelerate efforts to hedge against potential economic risks stemming from what some view as a new "Cold War."
A series of G20 ministerial meetings have been taking place in Italy in the run-up to a summit meeting scheduled for late October, where U.S. President Joe Biden may have a chance to hold his first face-to-face meeting with Chinese leader Xi Jinping since taking office in January.