Source: Xinhua    Published: 2016-11-24

Since the 2014 Asia-Pacific Economic Cooperation (APEC) summit in Beijing, China has continuously highlighted global governance at such different international occasions as the Hangzhou G20 summit in September and the just-concluded APEC summit in Lima.

China`s proposals, initiatives and contributions are injecting fresh vigor into global governance.

LEADING ECONOMIC GLOBALIZATION

At the APEC CEO summit in Lima, Chinese President Xi Jinping renewed his call for pushing forward the building of a Free Trade Area of the Asia-Pacific (FTAAP), saying it "is a strategic initiative critical for the long-term prosperity of the Asia-Pacific."

"We should firmly pursue the FTAAP as an institutional mechanism for ensuring an open economy in the Asia-Pacific," he told global business leaders, emphasizing "openness is the lifeblood of the Asia-Pacific economy."

The FTAAP process was launched at the 2014 APEC Economic Leaders` Meeting in Beijing with the endorsement of a roadmap. A "collective strategic study" was subsequently conducted, as agreed by the APEC members, and the result should be reported to the economic leaders by the end of 2016.

Under the current international situation, Xi`s initiative is of great significance. Over the past few years, the world economy has been trapped in a weak recovery, insufficient growth momentum, and sluggish trade and investment.

What is alarming is that economic globalization is being buffeted by a strong headwind coming from developed countries such as the United States and European countries, as protectionism is on the rise.

However, Xi showed the world the Asia-Pacific region`s confidence in economic globalization, saying "the commitment of the Asia-Pacific to economic globalization is unchanged and its confidence undiminished."

Xi`s resolution was warmly received by observers. The British Financial Times commented on its website that China, as an advocate of free trade and open economy in the Asia-Pacific, is playing a leading role in global trade.

CHINA`S INNOVATIVE PRACTICE

With the changing times, the global economic governance system must reflect the profound changes in the global economic landscape, and the representation and voice of emerging markets and developing countries should be raised.

Over the past years, China, as the largest developing country, has always adhered to speaking for developing countries and strengthened unity and cooperation with them.

Through the Belt and Road Initiative, China is sharing development opportunities with countries along the routes. Moreover, China has created a precedent in establishing multilateral financial institutions among developing countries through founding the Asian Infrastructure Investment Bank and the BRICS New Development Bank.

Meanwhile, the Chinese yuan`s inclusion into the Special Drawing Rights basket of the International Monetary Fund has raised the international status of developing countries` currencies. China has also broadened cooperation channels with developing countries by strengthening the Forum on China-Africa Cooperation and establishing the China-Community of Latin American and Caribbean States Forum.

At the G20 summit in Hangzhou, Xi emphasized the concept of equality, openness, cooperation and sharing in global economic governance, leaving a deep imprint in the history of the G20 and making the G20 a major platform for global economic governance.

In addition to contributions to global economic governance, China has played an active role in dealing with global challenges and hot issues.

China is willing to work with the international community for the common welfare of all people, to uphold the concept of cyberspace sovereignty and to make the global cyberspace governance system fairer and more reasonable.

China`s actions include the establishment of the South-South Cooperation Assistance Fund to help the world eliminate poverty, and a 20-billion-yuan (about 3-billion-U.S.-dollar) China South-South Climate Cooperation Fund to help other developing countries combat climate change.

At the Paris Climate Change Conference last year, China, as a responsible power, steered the direction of negotiations and made significant contributions to reaching an agreement.

The Stuttgarter Zeitung, a German daily, spoke highly of China`s contributions to sustainable development, saying China`s development model is now to be taken seriously and that the model is likely to be part of the solution to global issues.

WHY IS CHINA ACTIVELY PARTICIPATING IN GLOBAL GOVERNANCE REFORM?

China`s proactive participation in the global governance reform goes back to Oct. 12, 2015, when Xi said at a study session of the Political Bureau of the Communist Party of China Central Committee that strengthening global governance and reforming the global governance system represent the general trend.

This is the first time that China explicitly set forth the concept of global governance.

As Xi put it, reform is about "laying down rules for the international order and international mechanisms" and "deciding in which direction the world will head."

"It is not simply a case of competing for the high ground of economic development, but what roles and functions nations will play in the long-term systemic arrangement of the international order," Xi said.

For centuries, powerful countries divided the world and competed for profit and power through war and colonization, but that has been replaced in today`s world by rules and mechanisms to balance different interests.

"Unjust and improper arrangements in the global governance system" need to be reformed, and new connotations need to be introduced. China has brought up global governance featuring mutual consultation, efforts and sharing.

Xi said China should defend its own interests as well as the common interests of developing countries, and focus not only on its needs as it develops, but also on the expectations the international community places on China.

China has always been an active participant, constructor and contributor to the current international system, and will continue to be a participant, promoter and leader in the global governance reform, which does not overturn but innovates and improves the current system.

The Chinese president has stressed "resolutely safeguarding" the international order and a system centered on the United Nations (UN) Charter principles, as well as "safeguarding and consolidating" the benefits that resulted from the victory in WWII.