China Quest for global governance overhaul

Abstract

The international framework in which China’s economically unprecedented development is highly institutionalized, fragmented, issue-specific, and driven by the US and its allies. With the Chinese-led initiative, including the Belt and Road Initiative (BRI) and the Asian Infrastructure Investment Bank (AIIB), China is now an institution-builder positioned to cement Beijing’s leading global governance role. In this respect, under current presidencies, Beijing pursues greater global governance proactivity with more assertive goals and a more rational and dualistic approach. This work seeks to explore the effectiveness of these initiatives in Beijing’s quest for reforming global governance. The paper has addressed that the BRI and the new MDBs shape China’s institutional capacity for effective global governance leadership. Even in a stagnant and restructuring world, China will remain an essential part of the global economic order. Beijing’s increasing institutional strength helps promote its economic and global standing while pushing for a global governance overhaul, particularly on a more pragmatic role.