China pushes for fair, inclusive global governance

March 14 (Xinhua)

BEIJING, March 14 (Xinhua) — During China’s annual parliamentary and political advisory sessions, discussions are not just confined to domestic issues, but also focus on China’s active involvement in global governance.

Consensus has been reached on China’s growing role in reforming and enriching global governance, responding to the world’s need for mechanism innovation and bringing mutually beneficial results to all participants.

China played a constructive role in international and regional issues last year and contributed to world peace and development, said a government work report submitted to the National People’s Congress (NPC) annual session.

“The country will become more involved in global governance and make economic globalization more inclusive, mutually beneficial and equitable,” it said.

REFORM THE MOLD

China has been a beneficiary of and contributor to the traditional global governance system, including the U.N. and other international organizations.

“As world dynamics change, global governance structure should change accordingly,” said Chen Fengying, former head of world economics institute under the China Institutes of Contemporary International Relations.

Due attention should be given to emerging economies, she said. Current IMF quotas, for instance, fail to reflect economic realities.

Although the quota reform effective from early 2016 saw growing shares of emerging markets, they are still under represented. China, the second largest economy, is now ranked third on the quota chart, trailing the United States and Japan.

China has on several occasions urged the IMF to review the distribution of quotas and votes to ensure a fairer representation of emerging and developing economies.

“The world is in dire need of new global governance frameworks, and China should not stand by with folded arms as it has the ability to contribute,” Chen said.

China in recent years has proposed to set up several new frameworks, including the Belt and Road Initiative and the Asian Infrastructure Investment Bank, attracting not only developing countries, but also developed economies.

SHOULDER DUE RESPONSIBILITY

“Over the past four decades, China has grown from an outsider and learner to an insider and contributor of global governance as its overall strength has risen,” said Wang Wen, executive dean of the Chongyang Institute for Financial Studies at the Renmin University of China.

Koh Chin Yee, CEO of Singapore-based think tank Longus Research Institute, said that China’s international influence has expanded with its rising economic strength.

“With great power comes great responsibility,” Koh said.

Foreign Minister Wang Yi said at a press conference Wednesday on the sidelines of the parliamentary session that China will shoulder more responsibilities and contribute more to world peace and growth.

China-proposed structures provide opportunities for many countries and bring mutual benefits to all participants.

Under the Belt and Road Initiative alone, Chinese companies have invested 18.5 billion U.S. dollars in 56 economic and trade zones in countries along the routes, generating 1.1 billion dollars of tax and 180,000 jobs in host countries, Commerce Minister Zhong Shan said Saturday. Read more…

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