American democracy boasts of universal representation of social segments, but in reality it is money that talks. Neither the Republican Party nor the Democrats can claim that to have served the interests of the working class well, resulting in a crisis of political institutions that need major surgery to survive.

Despite US claims that China has too many restrictions on investment, and a US election year that’s elevated anti-trade forces, both countries have every reason to move quickly to complete a bilateral trade agreement.

In order to enhance global trade and value creation, reducing trade friction-induced costs should be a top priority, which will contribute to elevating GVC cooperation in Asia and at large. Measures should be taken to lower the average tariff level by paring peak tariff, and encourage further trade liberalization.

Hosting the G20 Hangzhou summit will boost China’s reform and will be a new starting point for China’s growth and development. The Hangzhou summit will also set a new vision for the G20 and shape a new pattern for global economic growth, thus benefiting the entire international society.

“Dollar liquidity shortage” is inevitable in the future, and improving liquidity management including cross-border capital flow and monetary reserves is the key to systematic risk control and crisis management. A global macro-prudential supervision frame should be established to supervise the cross-border capital liquidity as the core target and measure for capital management.

The EU has long served as a magnifier of the UK’s role in the world. It is hard to imagine how the UK would punch above its weight in today’s world, even for a nation that boasts of past world hegemon status, unrivalled experience in global engagement and continuing hard power.

In the long-term, a series of regional free trade agreements and the new global rules conform to China’s own economic restructuring and reform direction. China must enhance its level of liberalization in such areas as goods trade, service trade and investment, break through market barriers and get rid of institutional barriers. Making use of an open competition will promote the country’s upgrading in the global value chain.

Printing money and other misguided policies by developed economies in the wake of the 2008 crises were not successful in the long term. China’s policy of supply-side reform is applicable to other countries as well. Different countries may pursue different policies, but the overall theme should be to provide support to innovation, liberalize controls, encourage competition, and expand market access. Adopting this approach at the Hangzhou summit could contribute to rejuvenating the world economy and spur growth.

As the U.K. is preparing for the EU referendum, both Washington and Beijing would like London to remain in the EU. Yet, the outcome is not under their control, despite the potential for regional, even global collateral damage.

The U.S.-led petrodollar era has eclipsed. It is being surpassed by a multipolar oil age. The current transitional era is permeated by fundamental change, opportunism and speculation.