China pushes for fair, inclusive global governance

BEIJING - 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 UN 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 in 56 economic and trade zones in countries along the routes, generating $1.1 billion of tax and 180,000 jobs in host countries, Commerce Minister Zhong Shan said Saturday.

NPC deputy Li Dongsheng, chairman of electronics company TCL Corp., said the initiative gives Chinese companies the opportunities for win-win cooperation with companies from other countries.

"China pays more attention to inclusiveness, while some Western countries stress more on their own interests," Wang Wen said, adding that China's role in global governance is largely about sharing its experience with the world.

BUILD SHARED FUTURE

"Today, mankind has become a close-knit community of shared future," President Xi Jinping said in a keynote speech delivered to the World Economic Forum in Davos, Switzerland, in January.

"All countries enjoy the right to development. At the same time, they should view their own interests in a broader context and refrain from pursuing them at the expense of others," Xi said.

As a clear sign of global recognition of Xi's concept, the UN Commission for Social Development in February approved by consensus a resolution calling for more support for Africa "to create a shared future, based upon our common humanity."

The concept aims to realize shared prosperity, a goal that is desirable for all countries, Chen said.

"China-proposed initiatives offer the limping world economy not only a new set of growth engines, but also a more positive perspective and attitude toward globalization," according to Koh.

Koh added there will be increasing enthusiasm and support for China-proposed systems from a wider community of countries, especially developing ones.

China is ready to work with the international community to build a new type of international relations based on cooperation and mutual benefit, and make new contribution to building a community of shared future for all mankind.

"We will open our arms to the people of other countries and welcome them aboard the express train of China's development," Xi has said.