Reformer and builder

China is endeavoring to realize its vision for fairer and more effective global governance

The global landscape is undergoing profound changes, with deepening deficits in peace and development. There is a growing urgency within the international community to reform the global governance system. In this context, China has adopted a constructive posture, putting forward visionary and practicable ideas and proposals. These contributions have injected strong momentum into the transformation of global governance, providing much-needed stability.

The existing global economic governance framework has become dysfunctional. The Bretton Woods system played a pivotal role in facilitating postwar economic recovery and driving global growth for subsequent decades. However, its structural shortcomings — particularly regarding representativeness, inclusivity and effectiveness — have become increasingly apparent. The rules and mechanisms of global economic governance have, to varying degrees, failed to adequately reflect the interests and aspirations of developing nations. Moreover, economic risks have been transmitted and externalized to vulnerable economies via capital flows and supply chains, further exacerbating the North-South divide.

As unilateralism and protectionism rise, the current system fails to effectively address transnational economic risks and impedes inclusive global growth.

The current global security governance framework is also proving inadequate. While the United Nations-centered international system has historically contributed to world peace and security, the post-Cold War era has witnessed a dramatic turn for the worse with unilateral actions, bloc confrontations and conflicts undermining the UN's authority and effectiveness.

Simultaneously, non-traditional security challenges — from climate change and artificial intelligence to cybersecurity and outer space activities — continue to emerge and converge, placing the global security framework under even greater strain.

China is acting as both a reformer and a builder of the global governance system. Through a constructive approach and pragmatic actions, China is advancing the evolution and continuous improvement of the global governance system to keep pace with the times.

China does not seek to negate or replace existing multilateral financial institutions; rather, it advocates their necessary reform to better align with the realities of global economic development. As the world's second-largest economy and a major trading nation, China has long been committed to fostering reforms aimed at making the global economic governance system more equitable and effective.

Key proposals include enhancing the role of the International Monetary Fund's Special Drawing Rights, increasing the representation and voice of developing countries, upholding the multilateral trading system with the World Trade Organization at its core, and promoting the liberalization and facilitation of trade and investment. In parallel, new platforms for international economic cooperation are being actively developed to complement and refine the existing governance mechanisms. The Belt and Road Initiative, for instance, offers fresh opportunities for openness, cooperation and development for participating regions and countries.

By establishing new multilateral institutions such as the Asian Infrastructure Investment Bank and the BRICS New Development Bank, China is also helping foster regional connectivity and economic growth, addressing gaps not covered by traditional financial institutions. Furthermore, by promoting multilateral economic, trade and connectivity cooperation within the Shanghai Cooperation Organization, China contributes to optimizing the regional economic governance architecture in Eurasia, thereby exploring innovative pathways for reforming the global economic governance system.

As a major global power and a permanent member of the UN Security Council, China actively upholds and seeks to improve the current international security governance framework. It firmly defends the UN's central role and authority in global security affairs, supports an enhanced function for the UN in security governance, and champions strict adherence to the purposes and principles of the UN Charter and international law. Through active participation in shaping global security rules and international security cooperation, engagement in UN peacekeeping operations, and the proposal of a common, comprehensive, cooperative and sustainable security concept, China advocates building a community with a shared future for humanity that ensures universal security. Moreover, by deepening security cooperation within the SCO and promoting regional security dialogue and coordination, it endeavors to refine regional security governance structures. China has called on nations to resolve disputes through dialogue and consultation and to address both traditional and non-traditional security challenges in a holistic manner.

The four global initiatives put forward by President Xi Jinping, namely the Global Development Initiative, the Global Security Initiative, the Global Civilization Initiative and the Global Governance Initiative, represent China's multifaceted perspective on global governance. Together, they articulate a distinct Chinese approach to the global governance reform.

In practice, the Chinese approach translates into four key areas of action.

First, it involves safeguarding the UN-centered international system. This entails advancing the UN's own reform — specifically by increasing the representation and voice of developing countries, particularly African nations — and accelerating the implementation of the UN 2030 Agenda for Sustainable Development.

Second, it focuses on improving the global economic governance system. Concrete measures include promoting reform of the Bretton Woods institutions, strengthening the G20's premier role in this arena, and advancing integration under APEC to build an Asia-Pacific community with a shared future. Concurrently, it seeks to develop the BRICS mechanism, expand Belt and Road cooperation and refine the SCO's regional governance framework.

Third, it prioritizes enhancing international security cooperation. The approach champions the principles of equal and common security, facilitates major-power coordination and multilateral dialogue, and insists on addressing security challenges through cooperation rather than confrontation.

Last, it calls for collaborative rule-making for emerging domains. This final pillar involves working with all countries to formulate governance rules for areas such as AI, cyberspace, climate change and outer space activities, thereby laying a solid foundation for future cooperation.

In conclusion, China will continue to act as a reformer and a builder of global governance. By refining its proposals and working with the international community, it aims to foster a more inclusive, equitable and effective governance system. Through these joint efforts, China is committed to contributing to a community with a shared future for humanity.

The author is a research fellow at the Institute of Russian, Eastern European and Central Asian Studies at the Chinese Academy of Social Sciences. The author contributed this article to China Watch, a think tank powered by China Daily.

The views do not necessarily reflect those of China Daily.

Contact the editor at editor@chinawatch.cn.