China has taken a significant step towards promoting global governance reform and fostering common development with its latest commitments at the 19th G20 Summit in Brazil. As the world’s second-largest economy and the largest developing country, China’s promise to build a fair and equitable global governance system highlights its dedication to inclusive growth and multilateral cooperation.
At the summit, China introduced eight major actions for global development, showcasing its commitment to shared prosperity with Global South countries, the pursuit of green development, and the creation of an open world economy. These initiatives reflect China’s ongoing efforts to build a multilateral world order and maintain global peace and development.
Advocating for Multilateral Reform
In a move to enhance the representation of Asian countries in global economic institutions, Pan Gongsheng, governor of the People’s Bank of China, called for joint efforts to push forward the quota reform of the International Monetary Fund (IMF). Speaking at the Boao Forum for Asia Annual Conference 2024, Pan emphasized the need to adjust quotas to better reflect the positions of emerging markets and developing countries.
“This is to ensure that the IMF is a rule-based institution that truly practices multilateralism,” Pan said, highlighting China’s commitment to a more equitable global financial system.
Supporting UN Reforms
China has consistently stressed the necessity of improving the United Nations to better address global challenges. The recent veto by the United States, a permanent member of the UN Security Council, of a draft resolution calling for an immediate ceasefire in Gaza, despite the support of the other 14 members, underscores the need for reform.
Fu Cong, China’s permanent representative to the UN, expressed concern over the paralysis of the Council due to unilateral actions. “Because of the single use of veto by the U.S., the Council’s efforts for an immediate ceasefire in Gaza suffered another setback,” Fu said, adding that the international community expects more and better from the UN Security Council.
He advocated for reasonable reform to enhance the representation and voice of developing countries, including African nations, and to allow more small and medium-sized countries with independent foreign policies to participate in the Council’s decision-making processes.
Empowering Developing Countries
China has been actively supporting developing countries through initiatives like the Belt and Road Initiative (BRI) and the Global Development Initiative (GDI). Since its launch in 2013, the BRI has aimed 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.
The GDI, proposed in 2021, seeks to share the benefits of development globally. Over 100 countries and international organizations have expressed support for the GDI, with close to 70 countries joining the Group of Friends of the GDI. China has signed memorandums of understanding on GDI cooperation with nearly 20 countries and international institutions.
At the G20 Summit, China reaffirmed its commitment by promising to continue utilizing $20 billion of development funds to support developing countries and deepen practical cooperation in areas such as poverty reduction, food security, and the digital economy.
Promoting Global Security
In 2022, China launched the Global Security Initiative (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 the Ukraine crisis, China put forward a 12-point proposal to end the conflict, highlighting respect for sovereignty, a ceasefire, and opposition to nuclear threats. Collaborating with Brazil and other Global South countries, China also launched the group of “friends for peace” to facilitate diplomatic solutions and promote dialogue.
In the Middle East, China’s mediation efforts led to the 2023 reconciliation between Saudi Arabia and Iran, helping to restore diplomatic ties and contribute to regional stability. These actions exemplify China’s dedication to resolving disputes through dialogue and its commitment to long-term global peace and security.
(Cover image: A view of a flower bed with children from all over the world gathering in Beijing, China, September 26, 2018. The flower bed implies China and other countries working together to build a closer community of a shared future and create a better tomorrow. /CFP)
Reference(s):
cgtn.com
