G3 maps global economic order

04.11.26: THE NEW Group of Three leading powers - Europe, America and China - today held its first world economic summit in Hawaii.

The meeting of G3, intended as a framework for political and economic co-operation between the three superpowers, is being christened the first summit of the "global federation" by diplomatic correspondents.

China, which has long since displaced Japan as the leading economy in Asia, was originally unwilling to participate. But economic problems in the previously booming Chinese economy, brought about by high wage costs and an overvalued yuan, forced it to come to the negotiating table. There is speculation that the yuan, as well as the Japanese yen, will soon join the euro-dollar in what will be the first global single currency.

Other issues high on the agenda include an attempt to fix a date to start disarmament talks on germ and technological warfare and a global conference on reforming and possibly replaci