China acts responsibly in global economic governance from G20 to APEC

2015-11-23 Editor: Mo Hong'e
Chinese President Xi Jinpingattends the first session of the 10th summit of the Group of Twenty (G20) major economies in Antalya, Turkey, Nov. 15, 2015. (File photo: Xinhua/Li Xueren)

Chinese President Xi Jinpingattends the first session of the 10th summit of the Group of Twenty (G20) major economies in Antalya, Turkey, Nov. 15, 2015. (File photo: Xinhua/Li Xueren)

During the 10th summit of Group of Twenty (G20) in Antalya and the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting in Manila from November 15 to 19, Chinese President Xi Jinping delivered significant speeches to expound China's views, provide Chinese solutions for global growth and contribute Chinese support to driving global economy, demonstrating the sense of responsibility of China, an emerging major country, in global economic governance.[Special coverage]

At present, the global economy is at a new phase where its driving force is shifting from traditional industries and technologies to new technologies, new thoughts and new forms; its engine is being transferred from advanced world to emerging economies; and "peripheral" countries are engaging in new rule-making which was once dominated by some "central" countries.

And a new global economic governance mechanism is gradually established. To follow the trend of times, the Fifth Plenary Session of the 18th Communist Party of China (CPC) Central Committee has called for China's active participation in global economic governance and supply of public goods. The goal, which includes not only its due say in institutional discourse but also the responsibility for the supply of public goods, embodies the new governance system advocated by China.

In traditional global economic governance system, advanced regions are in dominant positions, while developing countries can't get enough support in infrastructure construction and basic capacity construction to meet their actual demands. But the new system advocated by China attaches importance to inclusive development and common development and shares China's development experience in infrastructure and interconnectivity construction with the world.

In fact, China has dramatically increased global supply of public goods since global financial crisis broke out in 2008. China also put forward new global and regional proposals like "Belt and Road" initiatives, Asian Infrastructure Investment Bank (AIIB), "Silk Road" fund, China-Latin America capacity cooperation fund and South-South cooperation aid fund this year. All these actions demonstrate China's active participation in global economic governance and its assumption of international responsibility and obligation aimed at letting the world share the dividend of China's development and promoting equal and rational international order.

The G20 Summit and APEC summit were held at a time when the global economy is in New Mediocre as defined by International Monetary Fund (IMF) where advanced economies are encountering weak recovery and growth in emerging markets and developing economies are also facing consecutive slowing down ina fifth year. Under such circumstance, rights and responsibility become the focus of discourse about global economic governance, and Chinese President Xi Jinping's speeches again demonstrate a responsible emerging major country.

First, China reassures its continuing supplies of public goods to the world. President Xi reiterated that China will establish a South-South cooperation aid fund, continue to increase investment in least developed countries and support developing countries to implement the UN 2030 Agenda for Sustainable Development at G20 Summit. He stressed that China will carry out larger-scale, higher-level and in-depth regional cooperation through "Belt and Road" initiatives to jointly build an open, inclusive, balanced and all-beneficial regional cooperation framework in his speech at APEC summit. China's active participation in supporting supplies of public goods shows not only its due responsibility as the second largest economy in the world but also the practice of its philosophy of economic governance reform.

Second, China is keenly aware of its international responsibility. As a developing economy with the largest population and most vigorous economic growth, China's rate of contribution to global economic growth is over thirty percent. Therefore, its promise of growth and development is the best public goods. China will connect its domestic development with international responsibility and give full play to its influence of economic growth so as to bring positive energy to global economic growth.

Third, China stresses its promise of opening-up and transparency. China isn't aimed at overthrowing traditional global economic governance system through its participation; instead, it stresses support for products that conform to international rules. President Xi talked more about opening-up and transparency in his speeches at the two summits, pointing out that they contribute to China's continuing economic growth and participation in supplying global public goods through spillover effect.

China is increasingly participating in the supply of global public goods with responsibility as a major country when solving its own problems in development. China's efforts will definitely promote its credibility and cogency in global economic governance, make the system more equal and perfect and contribute to promoting sustainable development of global economy.

By Yue Yunxia, researcher of Institute of Latin America Studies, Chinese Academy of Social Sciences


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