China doesn't want to upturn global norms

Despite the fact that China is playing a bigger role in global governance, it has no reason to overturn the current global norms. Its joining of the World Trade Organization (WTO) can be seen as an indication that China is a good participant and performer in the global governance.

China has spent 15 years in safeguarding the trade rules set by the WTO, from which it has gained huge economic benefits. With the help of the WTO requiring opening market access and national treatment to MNCs by member nations, China has brought in a great amount of foreign capital, with its foreign trade volume growing at a double-digit rate.

It is not rational for China to dictate global norms, as global governance focuses on two things: improving the global norms and creating new organizations to better carry out the global norms.

China has long been a constructive and responsible nation in maintaining the global rules. But we cannot deny the fact that some outmoded global rules should be changed amid the emergence of new global economic problems. China's approach is to formulate rules with other countries for some areas like investment that lack specific rules.

The G20 summit held in Hangzhou highlighted China's efforts in promoting the creation of rules in the area of investment, which were widely recognized by the member countries and were described by Chinese President Xi Jinping as a "significant milestone". It means that China is playing a leading role in formulating international investment rules, a role it has gained by virtue of its rising position in international investment.

China sees the US-led Trans-Pacific Partnership (TPP) as "constructive" because there is a lack of rules in this domain. China and the US should work together to set fair global rules because the cooperation can help meet the demands for both developed countries and developing countries.

Long Yongtu is co-chairman of the Global CEO Development Conference, chairman of the Center for China and Globalization Advisory Board and dean of the School of International Relations and Public Affairs of Fudan University.

(Opinions expressed in the article don't represent those of the Sino-US.com.)


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