On Improvement and Development of Global Economic Governance Mechanism under the Financial Crisis:from G8 to G20

With the rapid development of economic globalization,and the rise of emerging countries,the G8 increasingly revealed its lack of legitimacy and representativeness.Under the impact of the financial crisis,the Group20 is preparing to replace the G8 as the main forum of international economic cooperation,which not only reflects the current global economic entities have become more diversified,active-oriented status quo,but also meets the trend of multi-polarization in the global economy.However,the G20 also has some deficiencies itself.Through comparing the G8 and the G20,this paper proposes further strengthening the multilateral governance,and addresses the lack of participation in global economic governance.