In recent years,due to the complex interplay of cyclical,structural,geopolitical,geoeconomic,and public health factors,the demand for global financial governance(GFG)has risen to new heights.The global foreign exchang...In recent years,due to the complex interplay of cyclical,structural,geopolitical,geoeconomic,and public health factors,the demand for global financial governance(GFG)has risen to new heights.The global foreign exchange market is undergoing disruptive adjustments;low-income countries are rapidly approaching a debt crisis;the gap in international development finance is widening;and the ongoing Ukraine crisis threatens to fragment and fracture the global economic and financial system.However,the current GFG system cannot address the above issues responsibly and effectively.This is largely because the system is a loose cooperation web based on soft laws instead of a closely integrated mechanism guided by hard rules.Reform on multiple fronts is required to improve the quality and relevance of GFG.This includes refocusing on key issues and ensuring that the system functions as a whole,prioritizing development,modernizing the international debt resolution framework,advancing the reform of international financial institutions,and thinking outside the box.Despite China’s late entry into the GFG system,it is an ardent advocator of international development cooperation,an active promoter of green finance,and a responsible participant in international efforts to address the debt crisis.With its Belt and Road Initiative,Global Security Initiative,Global Development Initiative,and unique path to modernization,China has offered the world an alternative development path while breathing new life into the old GFG system.展开更多
文摘In recent years,due to the complex interplay of cyclical,structural,geopolitical,geoeconomic,and public health factors,the demand for global financial governance(GFG)has risen to new heights.The global foreign exchange market is undergoing disruptive adjustments;low-income countries are rapidly approaching a debt crisis;the gap in international development finance is widening;and the ongoing Ukraine crisis threatens to fragment and fracture the global economic and financial system.However,the current GFG system cannot address the above issues responsibly and effectively.This is largely because the system is a loose cooperation web based on soft laws instead of a closely integrated mechanism guided by hard rules.Reform on multiple fronts is required to improve the quality and relevance of GFG.This includes refocusing on key issues and ensuring that the system functions as a whole,prioritizing development,modernizing the international debt resolution framework,advancing the reform of international financial institutions,and thinking outside the box.Despite China’s late entry into the GFG system,it is an ardent advocator of international development cooperation,an active promoter of green finance,and a responsible participant in international efforts to address the debt crisis.With its Belt and Road Initiative,Global Security Initiative,Global Development Initiative,and unique path to modernization,China has offered the world an alternative development path while breathing new life into the old GFG system.
