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New possibilities for global governance reform

Updated: 12 28 , 2016 16:15
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BEIJING, Dec. 27 -- Global governance needs to be reformed in a way that is adaptive to the rapid development of globalization, and emerging economies like China could offer new possibilities for it, commented experts at a seminar held here Monday.

This seminar, hosted by Xinhuanet.com, brought together 13 eminent scholars and experts in China who exchanged views on major global events such as Brexit, Italy referendum, Syriacrisis, U.S. presidential election, etc.

Reviewing the opportunities and challenges the world has gone through in the eventful yet inspiring 2016, they agreed that there are new possibilities for global governance reform.

"The conflict between the current governance structure and the rapid development of globalization is the ultimate reason why globalization is suffering a backlash at the moment," said Yang Xiyu, a researcher from the China Institute of International Studies.

"We are in a historical moment of transition, when the old way of governing is not adaptive and the new governance mode is yet to take form," he added.

Yang believed the transition is an opportunity.

"In history, new world orders are often formed through big wars, but for the first time, we have a chance of building a new governance mode in a peaceful way."

To answer the question of how a new governance structure could be built free of too shockingly violent turbulence, experts turned to the role the emerging economies like China could play.

Wang Wen, Dean of Chongyang Institute of Financial Studies, Renmin University of China, said, "We?ve been too focused on the western mode of development in the past, and now it?s time to shift the attention to emerging economies like China."

For example, China?s Belt and Road Initiative has greatly accelerated the personal, resources, and energy exchange among the countries and facilitated their trade and common prosperity, he said.

Launched in 2013, the initiative integrates 65 countries from East Asia to Western Europe with an aim to facilitate trade and achieve common prosperity within the areas.

From this perspective, global governance is not set back at regional level, but is strengthened and has become more important.

And in this context, it is emerging economies like China which will contribute to new possibilities for global governance reform, he commented.

The world is crying out for China to breathe life into the reform of global governance, he added.

By Zhang Dongmiao

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