By Rakesh Gupta. Source: Global Times Published on May 26, 2015.

Since taking office in 2013, Chinese President Xi Jinping has made the notion of a "community of common destiny" the central focus of China`s relationship with its neighbors and the international community at large. With the introduction of initiatives such as the Asian Infrastructure Investment Bank (AIIB) and "One Belt, One Road," it appears the idea of the "community of common destiny" is not a slogan but current political mood in China which is part of concerted efforts in shaping a new world order.

Historically, China has moved from Confucianism to Buddhism and then to Maoism. Last three decades of growth in China and reform process may have been led by the need of the time and not guided by a particular philosophical principle or ideology. This may have been influenced by international developments in the economic environment and geopolitical scene.

However, the absence of ideology may be of concern to the policymakers especially the top brass, and Xi`s recent move toward introduction of "four comprehensives" and his mantra for a "community of common destiny," an outlook for global governance, appear to be a move toward providing ideological underpinnings for the future of China. The mantra of a "community of common destiny" sounds very appealing and an absence of ideological baggage is helpful in convincing the intent of China in helping to build a more peaceful world.

Global political, economic and security challenges demand a renewed world governance philosophy that can incorporate national interests of countries big and small. The zero-sum mind-set which dictated the global politics for centuries has seen regional turmoil intensified, and has created the potential for a cold war between Russia and the US. The financial crisis in 2008 from which the global economy has yet to fully recover has demonstrated the peril of questionable economic policies. The world economy is increasingly at the mercy of the coordinated economic policy of different countries.

The "community of common destiny" is a bold move for China`s future, but meanwhile it is not short of challenges. The first challenge for China is in trying to convince the world of the need for building new institutions. This is an important question that ought to be addressed very carefully. After the failure of the League of Nations, established after WWI, it took another world war before the United Nations finally came into being.

Second, the institutional framework for reform process in China is in its development phase and is heavily burdened with the traditional mentality of State-owned enterprises and corruption. I acknowledge that some of this has been addressed and Xi and his team are making progress on all of the issues. But China`s economic model needs better argument to convince people of its merit and to support the vision of the "community of common destiny."

Finally, the changes that are being proposed fit the times and are morally and ethically appropriate and as such receive wide support. However, these changes are not universally popular. For example, the anti-corruption initiative is a double edged sword. Though a hugely popular measure it also has the potential to derail the reform agenda because of mid-level officials who stand to lose the most from these initiatives.

China currently is undergoing radical changes on its social, political and economic fronts. These changes need to be very carefully managed so as to keep social harmony and country`s economic stability. Any errors on the part of the policymakers have the potential to create major social, political and economic challenges. Xi at the same time is attempting to redefine the international political agenda and create a new world norm. Though it is supported by practical measures such as the setting up of the AIIB, "One Belt, One Road" and the vision for the "community of common destiny," these may be viewed with skepticism from the outside world. President Xi needs to carefully manage domestic reforms and global perceptions at the same time.

The author is a visiting fellow at Chongyang Institute for Financial Studies, Renmin University of China.

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