By Zhao Jinping, DRC
China’s policy on global governance is to give full play to the role of a newly-emerged economic power, perform its responsibilities, actively participate in global economic governance and the institutional reform of global governance, and positively push forward globalization and regional economic cooperation to provide the world with more public products. And China is practically implementing these policy measures.
China’s contributions to global economic governance reform have been universally recognized. In recent years, China has been constantly promoting its international economic strategies in accordance with the need of its own development and economic transformation as well as upgrading, and has enhanced its level and capacity to participate in constructing a new international economic and financial order, and has implemented a series of active measures to propel the reform of global economic governance structure.
The policies of America’s newly-elected president and his administration are different from that of previous governments and they might exert an impact on global political and economic pattern and trigger a chain of reactions such as the looming up of terrorism, the increased risks of confrontation between big powers, the retrogression of global governance reform, more difficulties in macro-policy coordination and de-globalization rearing an ugly head. If de-globalization or trade protectionism prevails, China will bear the brunt of its negative impact.
In face of de-globalization and trade protectionism, China has three major countermeasures: 1. China needs to get prepared for trade frictions. 2. China needs to give top priority, among all countermeasures, to truly improving business operation environment. 3. China needs to actively explore new cooperation opportunities through dialogues. In addition, China need to consistently follow an opening-up approach and actively promote global governance reform and globalization, and forge cooperation with other countries to jointly lead globalization and regional economic integration.