“It is my hypothesis that the Western-led World Order and the Global Governance is putrefying and a great transition among the global multinational-national institutions is happening. The West on the other side is no longer keen to maintain and stabilize its governing institutions to preserve global governance, in the same vein, China is equipped to fill the gap, the BRI is an example of China’s preparedness to reorganize world order and wield the global governing institutions but more efforts and works are required.”
Recently when protectionism and isolationism rise contrary to the globalized world governance and globalization, the Chinese gigantic Belt and Road Initiative (BRI) deliver strong momentum for such global governance transition as well as advancing the transformation of global governance. First, the BRI to advance and strengthen awareness of common destiny and shared community. Second BRI aims to promote and enhance ethical standards for global governance. Third, BRI aims to combine the bottom-up and top-down approaches in order to encourage volunteer acts in global governance. Fourth the BRI itself drawn Chinese own experience for reform, development, and stability, and another dimension for global governance like security, social, economic, and ecological. Lastly, the BRI also aims to promote cooperation between the BRI states. The endpoint is that there is indeed no doubt that the BRI serving Beijing’s quest for global governance, but more efforts and work are required.
President Xi originally launched the Belt and Road Initiative in 2013, intending to benefit not just China but also the rest of the BRI states in Asia, Europe, and Africa, as well as those beyond the BRI states. Beijing began a worldwide development strategy that has benefitted various people in many nations and aspires to create a community of shared trust and destiny. China has been attempting for a long time to gain a significant and powerful position in a complex array of international institutions. Meanwhile, China’s growing clout in the international system is reshaping institution’s norms, values, standards, and regulations on everything, from human rights to energy, commerce, climate, and health.
In the same spirit, Beijing’s goals continue to surpass its influence on additional fronts, such as the internationalization of the renminbi (RMB) and international commandment. Apart from institutional putrefaction where China intends to re-establish the world’s order and recreate those fragmented institutions. Another serious challenge is the world’s protectionism and isolationism, which is a critical turning point in the transition, against so-called global governance. President Xi stated at the UN office in Geneva in 2017 that he wanted to “build a community of common destiny for mankind and achieve shared and win-win development.”
In the interim, the concept of creating a common community was unified in a UN resolution for the first time. Apart from his appeal for international efforts to address severe challenges, he also emphasized the importance of political debate, green development, cultural universality, as well as common prosperity and security for all nations. President Xi also reiterated that shared growth is a win-win situation, as demonstrated by the ongoing Belt and Road Initiative (BRI). Meanwhile, many projects have harvested the early crop, and several academics, pundits, and analysts have claimed that the BRI is conducive to the formation of a community of shared destiny for humans. The BRI will also promote moral values, encourage deliberate actions, and pave the way for a more well-adjusted global governance framework.
Global governance in its simple term means “shared supervisions for common problems at international level” which indicates the collection of the institutions both formal and informal, that sometimes restrain, guide, and working together to fight the problem at a global level. To recall Global Governance, a classic notion founded by the United States and its allies, has now failed to redistribute power, restructure institutions, and solve the global social, political, and economic problems. Meanwhile, China, the world’s second-largest and fastest-growing economy, will have a greater impact on global governance through its foreign policies and activities. President Xi’s Belt and Road Initiative (BRI) is a watershed moment in the development of numerous creative multi-national institutions and novel rules and practices that may pave the way for a faster transition to the current Western-designed global governance.
Following World War II, Western nations established the World Bank, which provides loans and grants to needy countries, the International Monetary Fund, which works to maintain the global monetary system’s stability, the United Nations, and the World Health Organization. Meanwhile, the US purposefully invalidated the Paris Agreement on Climate Change, afterward the Trans Specific Partnership TTP, the WHO, and later accused some of its closest allies. The leading economic powers have a mission to oversee this shift in power relations and develop a new foundation for international cooperation.
President Xi Jinping, China’s most powerful leader since Mao Zedong, has encouraged China to lead the reform of the global governance system, altering institutions and norms to reflect Beijing’s values and goals. Unlike the IMF and WB where they come in to assess the country by following their interests. China, on the other hand, supports an infrastructure program giving loans that make sense. The World Bank estimated the Chinese BRI could leave around seven million people out of extreme poverty and could boost the world trade by 7%, and there is no doubt that many countries in the world are eager to accept Chinese money.
A study on Beijing’s most important foreign policy and its related outcomes on global governance is critical within the framework of China’s scaling in both its disposition and capabilities to pursue major leadership, not to mention the decay of US hegemony and global governance. Earlier prose has focused on a variety of issues related to the theme; for example, some commentators have discussed China-US relations and China’s pursuit of global governance in the current environment. Some others have discussed China’s increased engagement in international organizations in the aftermath of the 2008 financial crisis. Such actions and willingness signifying China’s increasing roles on a global level.
Finally, China has grown into a major player in global governance. Its efforts appear to be widening gaps with other countries, particularly democracies that adhere to established norms and institutions. In the end, this split may make it more difficult for governments to work together to address immense international issues. The schism may even result in two separate global governing systems, jeopardizing multilateral collaboration.