China plays an important role in world governance and development

During the just- concluded annual parliamentary and political advisory sessions, discussions were not just confined to domestic issues, but also focused on China’s active involvement in global governance.

Consensus has been reached on China’s growing role in reforming and enriching global governance, responding to the world’s need for mechanism innovation and bringing mutually beneficial results to all participants.

China played a constructive role in international and regional issues last year and contributed to world peace and development, said a government work report submitted to the National People’s Congress annual session.

“The country will become more involved in global governance and make economic globalization more inclusive, mutually beneficial and equitable,” it said.

China has been a beneficiary of and contributor to the traditional global governance system, including the UN and other international organizations.

“As world dynamics change, global governance structure should change accordingly,” said Chen Fengying, former head of world economics institute under the China Institutes of Contemporary International Relations.

Due attention should be given to emerging economies, she said. Current IMF quotas, for instance, fail to reflect economic realities.

Although the quota reform effective from early 2016 saw growing shares of emerging markets, they are still underrepresented.

China, the second largest economy in the world, is now ranked third on the quota chart, trailing the US and Japan.

China has on several occasions urged the IMF to review the distribution of quotas and votes to ensure a fairer representation of emerging and developing economies.

“The world is in dire need of new global governance frameworks, and China should not stand by with folded arms as it has the ability to contribute,” Chen said.

China in recent years has proposed to set up several new frameworks, including the Belt and Road initiative and the Asian Infrastructure Investment Bank, attracting not only developing countries, but also developed economies.