The group development of emerging economies has become one of the main characteristics of the evolution of the world pattern. Emerging economies have become an important force in promoting governance change. In the future, whether it is trade and investment, monetary finance, sustainable development and other issues, or in the fields of network, outer space and polar regions, emerging economies should attach importance to participation and actively lead the reform of international rules. Emerging economies also need to combine the development needs of the times, lead the establishment of more new platforms for international cooperation and global governance, and shoulder the mission and responsibility entrusted to emerging economies by the new era.

In the past few decades, the group development of emerging economies has become one of the main characteristics of the evolution of the world pattern. As the most dynamic and potential force on the international stage, emerging economies are promoting profound changes in the global governance system.

First, an important force to promote governance change

Since 2000, emerging economies have maintained a high economic growth rate. According to International Monetary Fund (IMF) data, from 2000 to 2021, the average annual economic growth rate of emerging markets and developing economies was 5.3%. In 2021, the global share of emerging markets and developing economies in terms of market exchange rate was 41.7%, which was 20.7 percentage points higher than that in 2000, and the gap with the global share of developed economies was reduced to 16.6 percentage points. The change of international economic power is an important foundation of global governance reform.

In recent years, international coordination and cooperation have been in constant trouble, and the global governance deficit has increased. Unilateralism, hegemonism and protectionism prevail in a few big countries, and they stick to old concepts such as clash of civilizations, cold war mentality and zero-sum game in the process of participating in global governance. This is extremely inconsistent with the requirements of the times of global governance, making global governance increasingly politicized, instrumentalized and weaponized, and increasing the factors of instability in the international community.

In order to fundamentally alleviate and eliminate the global governance deficit, reform and improve the global governance system, emerging economies need to promote the innovation of global governance concepts, jointly advocate and practice the new concept of global governance, and practice true multilateralism.

To discuss is to brainstorm, to discuss things with everyone, and to take into account the interests and concerns of all parties; Co-construction means that each has his own strengths, and each can do his best to gather sand into a tower, little drops of water make an ocean; Sharing is to make the construction achievements more fair and benefit the people of all countries and build a community of human destiny. True multilateralism is to adhere to openness and tolerance, and not to engage in closed exclusivity; On the basis of international laws, do not engage in egoism; Consultation and cooperation, no conflict and confrontation; Keep pace with the times and don’t stand still.

Second, build new rules for global governance.

The current global governance system was established by the developed countries led by the United States after World War II. In this system, as the recipients of global governance rules, emerging economies have long lacked the right to speak in the formulation of international rules, and their legitimate rights and interests have not been effectively guaranteed for a long time. Some western countries try to hinder the development of emerging economies by establishing new rules that are beneficial to them.

In the future, whether it is trade and investment, monetary finance, sustainable development and other issues, or in the fields of network, outer space and polar regions, emerging economies should attach importance to participation and actively lead the reform of international rules.

On the one hand, we should promote the reform of unfair and unreasonable old rules of global governance, constantly improve the representation and voice of emerging market countries and developing economies, and strive to enhance their voice and decision-making power in global governance to match their international responsibilities. On the other hand, it is necessary to jointly explore and formulate new rules of global governance that reflect the wishes and respect the interests of all parties, especially to fully reflect the interests and demands of emerging and developing economies.

Third, create a new platform for global governance

The disadvantages of the global governance system dominated by developed countries are increasingly prominent, and the reform progress is slow. Emerging economies have participated in and led the establishment of some platforms for South-South cooperation and governance, which has promoted the development of the global governance system in a more just and reasonable direction and provided an important basis for developing countries to participate in international cooperation and global governance.

As the representatives of major emerging economies in the world, BRICS countries have jointly created a new platform for emerging markets and developing economies to participate in global governance, upheld the BRICS spirit of openness, tolerance, cooperation and win-win, actively advocated and promoted BRICS+cooperation, and the circle of friends has been expanding, and its influence in global governance has been continuously improved. The Belt and Road Initiative initiated by China has also become a popular international public product and the largest cooperation platform, which has continuously injected new momentum into improving global governance.

Facing the new situation, new problems and new challenges of global governance, these cooperation and governance platforms need to be continuously developed, upgraded and transformed. Emerging economies also need to combine the development needs of the times, lead the establishment of more new platforms for international cooperation and global governance, and shoulder the mission and responsibility entrusted to emerging economies by the new era.

(This article was published in the ninth issue of Half-monthly Talk in 2023. )