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BRI: A Chinese Approach to Global Governance Reform

By Qiu Ping Source: Updated: 2024-03-19

Although it was put forward by China, the Belt and Road Initiative (BRI) belongs to the world and benefits all of humanity. It offers a new solution for improving the global governance system, one which has received enthusiastic support from a growing number of countries.

People have warmly embraced the notion of building a global community of shared future. China can only do well when the world is doing well, and when China does well, the world will do even better. The BRI has helped link China's development with that of the world and bind the Chinese dream with the dreams of people from countries worldwide. It has become a compelling example of how to build a global community of shared future, a concept that was included in a UN resolution for the first time in February 2017. Over the past decade, China has signed over 230 Belt and Road cooperation documents with more than 150 countries and 30 international organizations across five continents. The BRI has given rise to richer prospects for global development, a new model for international cooperation, and belts of development and paths to greater happiness that benefit people in various countries.

The BRI has marked an improvement in the mechanisms for multilateral governance. As a vivid example of multilateralism, the BRI upholds the principles of mutual respect, equality, openness, inclusiveness, and mutually beneficial cooperation. It regards the multilateral trading system as the primary channel for making international economic and trade rules and regulations and is committed to international fairness and justice and to the development rights and interests of developing countries. The BRI has afforded developing countries and emerging economies a stronger position and role in the world market and a greater say in regional and global economic governance. It thus holds great significance for global governance reform.

As a Chinese solution, the BRI has demonstrated China's sense of responsibility as a major country. Under the Belt and Road framework, China has proposed the establishment of the Asian Infrastructure Investment Bank and the Silk Road Fund. It has also provided other influential global goods, such as the China International Import Expo (CIIE), which have helped boost economic and trade cooperation among participating BRI countries. President Xi Jinping's personal role in mapping out, initiating, planning, and promoting the CIIE is noteworthy. Having gone from strength to strength over the past five years, it has become a gateway facilitating the creation of a new pattern of development in China, a platform for high-standard opening up, and an international public good for the world to enjoy.

Editor: Jiang Wenyan