China is taking bold steps to promote a fair and equitable global governance system, marking its latest efforts at the 19th G20 Summit in Brazil. As the world’s second-largest economy and the largest developing country, China introduced eight major actions for global development, showcasing its commitment to inclusive growth, green development, and an open world market that benefits all, especially countries in the Global South.
In recent years, China has been dedicated to fostering a multilateral world, aiming to maintain peace and promote development worldwide. At the Boao Forum for Asia Annual Conference 2024, Pan Gongsheng, governor of the People’s Bank of China, urged Asian nations to jointly push for quota reform of the International Monetary Fund (IMF). He emphasized the need to adjust quotas to better reflect the significant roles of Asian countries in the global economy and to enhance the voice and representation of emerging markets and developing countries.
China has also stressed the necessity of improving the United Nations to better meet global expectations. Fu Cong, China’s permanent representative to the UN, highlighted the importance of reasonable reform of the UN Security Council. He advocated for enhancing the representation and voice of developing countries, including those in Africa, and allowing more small and medium-sized countries to participate in decision-making processes.
Amid calls from emerging economies and Global South countries for international agencies like the UN and IMF to reform, China stands with developing nations. It empowers them through various initiatives, such as the Belt and Road Initiative (BRI), the Global Development Initiative (GDI), and the Global Security Initiative (GSI). China also plays a constructive role in global security governance by mediating conflicts and promoting dialogue.
Launched in 2013, the BRI aims to promote economic growth and connectivity among participating countries. By June 2023, China had signed over 200 BRI cooperation agreements with more than 150 countries and 30 international organizations across five continents, fostering closer ties and shared prosperity.
Since proposing the GDI in 2021, China has worked to share the benefits of development with other countries, building consensus and creating more opportunities for global advancement. Over 100 countries and international organizations have expressed support for the GDI, with nearly 70 countries joining the Group of Friends of the GDI.
At the 19th G20 Summit, China pledged to continue utilizing $20 billion in development funds to support developing countries and deepen practical cooperation in areas such as poverty reduction, food security, and the digital economy.
In 2022, China introduced the GSI, advocating for a security framework based on the UN Charter that emphasizes cooperation, sustainability, and dialogue to address traditional and emerging security challenges. In response to global conflicts, China has played a mediating role, proposing a 12-point plan to end the conflict in Ukraine and facilitating reconciliation between Saudi Arabia and Iran in 2023.
These efforts exemplify China’s dedication to resolving disputes through dialogue and its commitment to long-term global peace and stability. By promoting inclusive development and advocating for reforms in global governance, China is working toward building a shared future for all nations.
Reference(s):
cgtn.com
