From rule-taker to rule-maker (2)

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Also through the G20 platform, China has participated in a wide range of international financial bodies, such as the Basel Committee on Banking Supervision and the Financial Stability Board, and through membership quota reform, funding and other means, China is gaining more clout in major international bodies. Moreover, based on the G20 platform, China is steadily pushing ahead with the campaign against trade protectionism and is setting the direction for global governance. At the Los Cabos summit in Mexico last year, for instance, China worked closely with Indonesia and India and other countries to promote cooperation that will boost infrastructure investment.

Of course, China has also met challenges when participating in global governance. The advanced economies are keen to dominate the talks, focus on their domestic issues that weaken their positions as G20 members, and ignore the appeals of emerging economies. They are in a dilemma concerning China's rise. On one hand, they hope China can shoulder more international responsibilities, but on the other hand, they are unhappy with the shift that is tipping the global balance of power toward emerging markets such as China.

As for developing economies, the substantial differences and lack of experience in cooperation inflate the costs of their cooperation and coordination. Besides, the differences in culture and ways of thinking often increase the difficulty for China and other countries to reach common ground in the process of making rules and building institutions.

From a rule-taker to a rule-maker, China has gained growing clout in global economic governance, but it faces new challenges. China has participated in global economic governance for only a short period and will need to make more adjustments to better play its role in global governance. But with rational and practical approaches, China's leaders are capable of guiding the G20 toward fairer long-term economic governance while taking good care of short-term economic issues.

The author is deputy head of the Department of Global Governance, Institute of World Economics and Politics, Chinese Academy of Social Sciences.

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