Putting the Global Governance Initiative into Practice and Reforming Global Economic Governance
2026/07/28
abstract
The current global economic order is in flux and turmoil: the rules-based system is fast becoming fragmented and camp-based; international organizations are in a dual predicament of under-representation and under-effectiveness; abuse of the national security concept is spilling over, eroding market trust and the foundation of cooperation; global public goods are in systemic short supply and unevenly distributed. Centered on the core principles of sovereign equality, international rule of law, multilateralism, a people-centered approach and real actions, the Global Governance Initiative empowers the reform of the global economic governance system at multiple levels, including values and objectives, norms and principles, and pathways for actions. Under this guidance, it is imperative to shore up institutional deficiencies in the traditional fields to narrow the deficit in governance, and accelerate the supply of rules in emerging fields to fill the void in governance. The goal is to promote rule coordination and joint risk management, build consensus for reform and enhance systemicresilience, to advance the establishment and maintenance of a fair, just, inclusive, open and win-win international economic order.
Li Kaisheng, Ye Nan, Peng Pei