Need for global governance reform acute

Global economic governance is not friendly to emerging economies' transformation. In recent years, growth in emerging economies has slowed down because of double extrusion of "re-industrialization" in developed countries and more and more serious homogeneous competition among emerging economies.

Under existing conditions, developed countries can transfer their crises to emerging economies through various means while the latter have to face risks, such as turbulent capital flow, exchange rate volatility and deterioration of the trade environment, because they don't have enough voice to match their economic positions in global governance.

In 2010, the International Monetary Fund passed a reform program to increase emerging economies' voting rights. Unfortunately, it has not been fully implemented. And in the absence of a specially designed mechanism in global governance, their huge demand for infrastructure investment cannot be really taken care of.