Yearender: Multiple crises-ridden West faces uncertainties

GLOBAL GOVERNANCE

On one hand, the rising populist ideology in Europe, along with Trump's election in the United States, have posed potential challenges to economic globalization, trade liberation and global governance as a whole.

On the other hand, the current global governance system, whose rules, macro policies and public goods supply were established in 1950s, not in the globalization era, have lagged behind the economic and political evolvement and can not fully represent emerging markets and developing countries.

In such context, unjust and improper arrangements in the global governance system need to be reformed, and new connotations need to be introduced. China's proposal on global governance featuring mutual consultation, efforts and sharing go with the trend of peaceful development and win-win result.

As Chinese President Xi Jinping has said, reform is about "laying down rules for the international order and international mechanisms" and "deciding in which direction the world will head."

"It is not simply a case of competing for the high ground of economic development, but what roles and functions nations will play in the long-term systemic arrangement of the international order," Xi said.

Wu Bingbing said China's Road and Belt Initiatives and other innovative measures featuring inclusiveness and win-win situation are not only based on China's self-interest, but also aims at common prosperity and sustainable development.

(Xinhua correspondents Liu Yang in Washington, Wang Xingqiao in Rome, Gui Tao in London, Bao Xuelin in Singapore and Han Bing in Paris also contributed to the story.)