China's major-country diplomacy progresses on all fronts
- By He Yafei
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Full Participation in Global Governance
Global governance concerns the international order and rules, and thus serves as the yardstick and framework for countries in dealing with international affairs. China, the world's second largest economy, a permanent member of the UN Security Council, and a key member of the G20, is an important participant in, constructor of and contributor to global governance, as well as a central motive force in the reform of global governance. China is intensively involved in global governance, and leavens governance concepts and mechanisms by offering its thoughts and plans in this regard. These endeavors will exert a significant influence on the formation of a new global order in the 21st century.
President Xi has pointed out that, following the increase of global challenges, strengthening global governance and advancing reforms to the global governance system is a historical trend. We should promote innovative evolution of the global governance concept, and adopt from Chinese culture those approaches to and notions of governance that mesh with current reality. Furthermore, we should establish the concept of a community of shared future for all humankind by promoting the global governance conception of mutual consultation, joint development and shared benefits.
Since the advent of the new century, the fundamental changes besetting global governance have shaped the agenda for reforms. These changes have occurred in three areas:
First, the global financial crisis that erupted in 2008 buffeted the neo-liberalism and Washington consensus trumpeted by the U.S. and exacted a heavy toll on both the hard and soft power projected by Western countries. Its recovery stalling, the world economy has yet to re-attain its pre-crisis levels. In this situation, all countries are exploring new conceptions of and mechanisms for global governance. Das Kapital by Karl Marx and Capital in the Twenty-First Century by Thomas Piketty, published about one and a half centuries apart, both expose the greed of capitalism and the advantages favoring capital over labor in profit-sharing.
Second, the rise of developing countries has narrowed the strength gap between East and West, catalyzing the steady transition from Western dominance to West-East co-governance. Yet the voices of developing countries in the global governance system still lag behind their strength.
Third, China's proactive involvement in the global governance system has produced remarkable results. Continuing strong growth in China is the sole bright spot in an otherwise languishing world economy and contributes more than 30 percent to annual world growth. China's unselfish, outstanding performance within the G20 in response to the financial crisis has been commended by other countries around the world. Its advantage in the state system, development path and development mode have consequently aroused great attention from the rest of the world and won wide recognition.
With its extensive and intensive participation in global governance, China is taking concrete measures to promote common development and a stronger recovery and sustainable growth of the world economy. The most salient example of this is the Belt and Road Initiative propounded by President Xi Jinping. This marks an innovation in the cooperation pattern in global governance, and offers new inspiration for regional and even trans-regional economic integration. Welcomed by 60-plus countries to date, the initiative taps a great opportunity for common development in the new century for the many countries lining the Belt (the Silk Road Economic Belt) and the Road (the 21st-century Maritime Silk Road).
China is now in discussions with other countries along the two routes about communicating over their policies and aligning their development strategies. This will prepare the ground for infrastructure connectivity, trade integration, capital flow and friendly exchanges, and reciprocal learning. New international financial institutions such as the Asian Infrastructure Investment Bank (AIIB) and the Silk Road Fund will infuse great momentum into the construction of the Belt and Road.
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