Belt and Road Initiative a ‘China solution’ to global governance

Chinese President Xi Jinping, his wife Peng Liyuan and other distinguished guests of the Belt and Road Forum (BRF) for International Cooperation pose for a group photo before a welcome banquet in Beijing, capital of China, May 14, 2017. Photo: Xinhua

While Chinese President Xi Jinping mentioned again about the spirit and meaning of the Belt and Road Initiative during the two day Belt and Road Forum for International Cooperation, there are three key issues which are significant to the current global economic and political structure, according to Xu Hongcai, an economist from the China Center for International Economic Exchanges.
The three key issues, according to Xu, are “peace deficit”, “development deficit”, and “governance deficit”.
Firstly, the “peace deficit” relates to geopolitical conflicts, which would threaten regional stability and even trigger regional wars, for example conflicts in Syria and the Korean peninsula.
Secondly, “development deficit” refers to some side effects brought by globalization, such as polarization and a broadening income gap.
The United Nation has put forward a sustainable development plan which has been echoed by the G20. This is in line with the principle of achieving shared growth through discussion and collaboration, and development ideas of the Belt and Road Initiative.
With regard to the “governance deficit,” it has something to do with the rebound of populism and protectionism in the world, through which countries and governments act on their own. This would lead to lack of coordination among countries.
In fact, the Belt and Road Initiative put forward by China is a public product, which will make an open and inclusive international cooperative platform. China will never export any revolution or values through this platform, but only call for practical cooperation.
The Belt and Road Initiative shows China’s efforts to promote globalization and provide a Chinese solution to global governance.
Xu Hongcai is an economist from the China Center for International Economic Exchanges and a part-time professor of the Central University of Finance and Economics.

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