Changes in the Mechanism of Global Economic Governance and New Opportunities for BRICS Countries

February 28 , 2013 10:07 AM by HUANG Renwei

[Author] HUANG Renwei, Executive Vice Dean of Fudan Institute of Belt and Road & Global Governance; Former Vice President of Shanghai Academy of Social Sciences; Member of the Academic Committee of iGCU.

[Abstract] This paper attempts to make a new interpretation of the interaction between changes in global governance mechanisms and the rise of emerging powers. The author believes that the core feature of such changes is the transformation from "Western governance" to "joint governance" between the West and the Non-West, which constitutes a historical opportunity for the overall rise of BRICS countries. This paper contains four aspects: First, since the international financial crisis, global governance has entered a new stage. Emerging powers are essential in globalization and the main direction of power transfer in the international system. Second, the new feature of global governance is that it is more and more difficult for Western powers to bear the responsibility of public-goods supply, while emerging powers are not ready in capacity and system, leaving the reform of the global governance system in a stalemate. Third, in this gradual and tortuous process, Western powers are increasingly passive in global governance, while emerging powers are becoming active, and global governance is increasingly different from "Western governance".Fourth, China is becoming an important participant and promoter of the reform of the global governance mechanism. For China, global economic governance is not only a strategic challenge but also a resource. China should adjust its strategies, seize the strategic opportunity of participating in global governance, and realize the strategic rebalancing with Western powers.

[Key Words] Global Governance; Global Economic Governance; BRICS; Opportunities.