In recent years, the impact of protectionism, unilateralism and bullying has led to the danger of the polarization of global economic governance system. As the world’s largest emerging economy, China proposed an action framework for improving global economic governance when it assumed the rotating presidency in 2016. China calls for equal rights, opportunities and rules for all countries, and seeks to share benefits and achieve win-win results instead of seeking hegemony.
Thanks to China’s efforts, the G20 Hangzhou Summit for the first time placed “development” in a prominent position in global macro policy coordination. It also formed a framework for multilateral global investment rules, issued the first presidency statement on climate change under China’s proposal and put “green finance” on the G20 agenda. This demonstrates that China is responsible, forward-looking in mechanism design, and also capable of coordination on major issues of global economic governance.
The realization of balanced global economic governance requires the G20 and its member countries to show due international responsibility in strategic competition and cooperation – and thus become the common guarantor of global governance.