Perhaps it's not surprising that the U.S. and China were on center stage. The No. 1 and No. 4 financial powers have created an unofficial global economy; both rely on each other more than they would like to admit. China needs U.S. investment and for U.S. consumers to keep consuming; the U.S. needs China to hold down costs for everything from money to goods to services.
And, of course, the rest of the world needs the U.S. and China. Hence the focus on two economies in Singapore, and on Henry Paulson as he makes his first official visit to Beijing as Treasury secretary. And hence Paulson's decision to meet with Wu Yi, China's vice premier, twice a year to discuss economic relations -- the equivalent of G-2 meetings.