Global Economic and Trade Governance in a Multipolar World
Even before Mr Trump’s election to the presidency of the United States, China had determined to “…lead the reform of the global governance system with the concepts of fairness and justice.” This found expression in President Xi Jinping’s announcement, in November 2015, of the theme for the
11th G20 Summit in Hangzhou:
Build an Innovative, Invigorated, Interconnected, and Inclusive World Economy, premised on
innovation, invigoration, interconnection, and
inclusiveness. Beijing concluded that the global financial crisis of 2008-2014 showed that the West’s mode of economic development would not deliver the structural economic transformation needed for sustainable development. Having assessed China’s growth experience since 1979, the scale of its foreign exchange reserves, and its investment in complementary IFIs – the
New Development Bank and the
Asia Infrastructure Investment Bank - and transnational development programs – the
Silk Road Economic Belt and the
21st-Century Maritime Silk Road -- the Central Committee of the CPC concluded that these allowed China to advance a new mode of sustainable economic development. In this paper prepared for the preparatory meeting of experts for the
Imperial Springs International Forum 2018, Sean Cleary discusses the need to balance effectiveness and legitimacy in a new international governance system, to meet the present needs of transnational governance, while respecting the diversity of cultures and related values of the powers competing for influence.
https://www.researchgate.net/publication/327558896_Global_Economic_and_Trade_Governance_in_a_Multi-polar_World />
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