How G20 Can Better Support Global Governance?—A Chinese Perspective

Yuyan Zhang () and Huifang Tian
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Yuyan Zhang: Chinese Academy of Social Sciences
Huifang Tian: Chinese Academy of Social Sciences

Chapter Chapter 7 in Reform, Opening-up and China's Changing Role in Global Governance, 2021, pp 163-187 from Springer

Abstract: Abstract G20 will be the most important and the most representative global governance platform in today’s world and for the foreseeable future. It should enter a new phase in its institutional development, moving beyond crisis management towards robust governance including establishing a permanent secretariat in decision-making and a setting up rules, more inclusiveness, effective policy coordination and equal and just rights of participation. The recognition of the relevance of civil society and business organizations for global governance is one step forward. The importance in the world economy and the broadly representatives of developing countries both indicate that E11 has a huge space of internal cooperation. Actively promote the internal cooperation of E11 can apparently create win-win situation between developed and developing countries and improve the efficiency. In E11, China is still a new player on the international stage and not the rule maker. Given the risks and problems of the Chinese economy, China needs to adopt a series of macroeconomic measures, including fiscal, monetary, taxation, financial and industrial policies to maintain exchange rate basically stable, prevent the inflow of hot money, contain credit binge, curb inflation, expand domestic demand, stabilize external demand, promote economic restructuring and adjust income distribution. In the next decade China’s basic attitude to global governance is to minimize the loss, not maximize the benefits. How to ponder and understand the relationship between the partial and the overall, the long-term and the short-term international obligations and right, and what kind of a global governance structure is most consistent with China’s long-term development targets, are all challenging problems that China faces in future.

Keywords: Global governance; International organizations; Financial stability; Global unbalance; Sustained development (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1007/978-981-33-6025-9_7

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