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Participation in multilateral affairs has become a notable feature of China's diplomacy in the past year as the nation, along with other emerging economies, increasingly works toward justice and equity in international order.
As the global financial crisis has exposed the structural and institutional flaws in the world economic system, it has become pressing to have effective global governance with the participation of emerging economies, analysts said.
However, under the current world order, emerging economies do not get enough say despite the important role they play, said Ruan Zongze, deputy director of the China Institute of International Studies.
Premier Wen Jiabao talks with participants at the UN Conference on Sustainable Development (Rio+20 summit) in Rio de Janeiro, on June 21. Wen announced that China will contribute $6 million to a UN Environment Program trust fund for projects and activities that help developing countries raise capacity for environmental protection. [Photo/Xinhua]
The GDP of emerging markets (measured by purchasing-power parity) could overtake that of developed economies by 2014, with about 70 percent of total world growth in the next few years coming from emerging markets, more than half of which will be from China and India, Lou Pagnutti, Asia-Pacific area managing partner of Ernest & Young, told Singapore Business Review.
The BRICS countries (Brazil, Russia, India, China and South Africa) are industrializing and urbanizing, and they have great growth potential in infrastructure construction, education and scientific innovation, Ruan said at a forum in Beijing recently.
However, confrontation between Western countries and developing economies arises when the latter try to get more say in international organizations, and such confrontation could endanger achieving effective global governance, Ruan added.
In 2012, China played a constructive role on the world stage.
At the G20 summit held in Mexico in June, China offered $43 billion to the IMF's crisis-fighting reserves, joining other major emerging markets in pledging new funds to support the global financial system.
Developing economies also demanded reforms to give the developing world more clout at the Washington-based Fund.
China has shown strong support for United Nations environmental protection efforts.
At the UN Conference on Sustainable Development (Rio+20 summit) in June, Premier Wen Jiabao announced that China would contribute $6 million to a UN Environment Program trust fund for projects and activities that help developing economies raise capacity for environmental protection.
Wen also promised that China will make available $31.7 million for a three-year international project to help small island countries, the least developed countries and African countries tackle climate change.