China is not seeking to change the rules of the game, known as global economic governance, but is striving to improve the current, outdated system, scholars pointed out.
To some western politicians and analysts, China is creating new mechanisms that counter, rather than support, current global economic governance processes. The fact of the matter is, conversely, the opposite, with measures, policies and projects designed by China to integrate harmoniously with the current system, said Scott Kennedy, deputy director of the U.S. Center for Strategic and International Studies (CSIS) Freeman Chair in China Studies.
China's membership of and performance within the World Trade Organization is one example of its commitment to cooperation, Kennedy said at a recent seminar held by the think-tank Center for China & Globalization (CCG). The seminar focused on emerging issues brought about by globalization, as 2016 was the 15th anniversary of China's accession into WTO.
The rules of the game are not set in stone, and for many sectors such as monetary policies, are conspicuous by their absence, therefore, there should be room for discussion and improvement, and China should advocate reforms within the global economic governance mechanism to address existing problems, Kennedy added.
The global economy is changing rapidly and it is practical to adjust the global economic governance mechanism in response to these emerging trends, said Long Yongtu, CCG chairman and chief negotiator for China's WTO entry.
China wants to play a constructive role within the existing framework instead of diluting old ones, Long added, citing the establishment of the Asian Infrastructure Investment Bank as a way to support other multilateral financial institutions faced with growing global financing demands.
Former Chinese government coordinator for G20 and CCG advisor He Yafei suggested that China should draw wisdom from the country's history and culture when proposing ways to improve global economic governance.
During the just-concluded G20 Hangzhou summit, China pushed for the issue of development in the front and center of the global macro policy framework. Moreover, China called on G20 trade ministers to push for more investment policy coordination.