How China promotes the reform of global governance system

China's promise of promoting common development and building a fair and equitable global governance system at the just concluded 19th G20 Summit in Brazil marks the latest step that the world's second-largest economy and the largest developing country has taken to improve the current global governance system.

By introducing eight major actions for global development at Session I of the 19th G20 Summit, China showcased its commitment to a common development including Global South countries, a green development and a market-sharing open world.

China has in recent years been dedicated to building a multilateral world and maintaining peace and development worldwide.

In March, Pan Gongsheng, governor of the People's Bank of China, the Chinese central bank, called on Asian countries to jointly push for the quota reform of the International Monetary Fund (IMF) and achieve quote adjustment as soon as possible to better reflect the due positions of Asian countries in the global economy, and especially to enhance the voice and representation of emerging markets and developing countries, at a sub-forum of the Boao Forum for Asia Annual Conference 2024.

"This is to ensure that the IMF is a rule-based institution that truly practices multilateralism," Pan said.

China has once and again stressed the necessity of improving the UN. Recently, the U.S., a permanent member of the UN Security Council, vetoed a UN Security Council draft resolution that called for an immediate ceasefire in Gaza, while the other 14 members voted in favor of the resolution.

Fu Cong, China's permanent representative to the UN, said on Monday that because of the single use of veto by the U.S., the Council's efforts for an immediate ceasefire in Gaza suffered another setback, adding that with the paralysis of the Council, the war machine is running at full throttle.

At a UN session in early October, Fu pointed out the international community expects more and better from the UN Security Council. "Reasonable reform of the Security Council is necessary," Fu said, adding that the key is to ensure the right direction, to truly enhance the representation and voice of the vast developing countries, including African countries, and allow more small- and medium-sized countries with independent foreign policies to participate in the decision-making of the Security Council.

While international agencies such as the UN and IMF face pressuring calls from emerging countries and Global South countries for reform and adjustment to better play their roles, China has been standing with developing countries, empowering them with development capabilities through various initiatives including the China-proposed Belt and Road Initiative (BRI) and Global Development Initiative (GDI), as well as playing a constructive role in global security governance by proposing initiatives including Global Security Initiative (GSI), mediating conflicts, and promoting dialogue.

In 2013, China launched the BRI to promote economic growth and connectivity among participating countries. By June 2023, China had signed more than 200 BRI cooperation agreements with more than 150 countries and 30 international organizations across five continents, according to a white paper titled "The Belt and Road Initiative: A Key Pillar of the Global Community of Shared Future" released in November 2023.

Since putting forward the GDI in 2021, China has promoted the sharing of the benefits of development with other countries to build more consensus and create more opportunities for global development.

Over 100 countries and international organizations have expressed support for the GDI, and close to 70 countries have joined the Group of Friends of the GDI. China has signed memorandum of understanding or MOUs on GDI cooperation with nearly 20 countries and international institutions, said Chinese Foreign Minister Wang Yi at the opening ceremony of the first High-Level Conference of the Forum on Global Action for Shared Development in July 2023.

At the 19th G20 Summit, China promised it will continue to put the $20 billion of development funds to good use to support developing countries and deepen practical cooperation in areas such as poverty reduction, food security and digital economy.

In 2022, China launched the GSI, advocating a security framework based on the UN Charter and emphasizing 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 in Ukraine, highlighting respect for sovereignty, a ceasefire, and opposition to nuclear threats. Partnering 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 mediated the 2023 Saudi-Iran reconciliation, helping to restore diplomatic ties which would contribute to regional stability. China's efforts have exemplified that it is dedicated to resolving disputes through dialogue and demonstrated its commitment to long-term global peace and stability.

(Cover: 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 the other countries working together to build a closer community of a shared future and create a better tomorrow. /CFP)