Source: Xinhua Published: 2016-12-31

China played a constructive role in improving global economic governance to realize win-win cooperation and a more reasonable governance structure in 2016.

As an important player and firm supporter of existing platforms, including the United Nations, the World Trade Organization and the International Monetary Fund (IMF), China has contributed both ideas and action to addressing unreasonable and unjust aspects of global governance.

For instance, current IMF quotas fail to reflect economic realities. This year, China in several occasions urged the IMF to increase quota resources and review the distribution of quotas and votes to ensure a fair reflection of emerging and developing economies.

China also made other recommendations to improve international financial architecture, including examining the broader use of Special Drawing Rights, strengthening the Global Financial Safety Net and improving debt restructuring processes.

As the WTO`s Doha round trade negotiations have stumbled for years because of complex issues, nations including China have been exploring new ways to promote global trade growth and expand mutually beneficial cooperation.

That was the perfect explanation for the emergence of multiple new frameworks, including the Belt and Road Initiative, the Asian Infrastructure Investment Bank (AIIB) and the Regional Comprehensive Economy Partnership that is still under negotiation.

After three years of development, the Belt and Road Initiative proposed by China in 2013 has brought changes to people and countries along the ancient trade routes.

With more than 100 countries and international organizations participating, the Initiative rolled out a raft of major projects this year, including the construction of ports and railways.

The AIIB, a China-proposed multilateral bank founded in late 2015, has lent a total amount of 1.73 billion U.S. dollars in nine infrastructure projects across seven countries since the beginning of this year.

The latest lending was made to a natural gas project in Azerbaijan, which involves pipeline construction between Azerbaijan and Turkey and helps create jobs in both countries.

China also offered its wisdom and solutions for coping with challenges for the faltering world economy at the Group of 20 (G20) summit held in September in the eastern Chinese city of Hangzhou.

For the first time, the summit put development at the center of global macro policy framework and made a groundbreaking action plan implementing the 2030 Agenda for Sustainable Development.

The summit also included green finance on its agenda for the first time and laid out the first global framework for multilateral rules governing investment, leaving a clear Chinese imprint on G20 history.

From time to time, China has shown the world its capability in turning vision to consensus and turning constructive proposals into reality.

Seeing the success in China-proposed platforms, the world will surely have more confidence in and higher expectation for China`s role in improving global economic governance.