World Bank President Robert Zoellick and Chief Economist Justin Yifu Lin write in a commentary published Friday in The Washington Post that "China's economic growth will plunge in 2009. The US is in severe recession. For the world's economy to recover, these two economic powerhouses must cooperate and become the engine for the G20. Without a strong G2, the G20 will disappoint....

First, the two countries should join forces to prevent a protracted global recession....Second, the strategic economic dialogue between China and the US should focus on how to reduce the structural consumption-savings imbalances in both economies.... There are strong mutual incentives: The US is the largest destination for Chinese exports, and China is the largest foreign investor in US government debt. The economic interdependency is stark.

The imbalances in the Chinese and US economies can only be tackled gradually. Yet they must be addressed. A recovery based on boosting US consumption and providing easy money financed by overseas savings would result in a repeat of mistakes, with dangerous consequences for global markets and politics. Even as the US and China lead the way toward today's solution, they need to be shaping tomorrow's world economy." [The Washington Post]