Yuan Chengwei: The Logical Rationale and Practical Strategies of Xi Jinping's Important Expositions on Economic Globalization

At a time when the world's momentous changes unseen in a century ^[1] are accelerating, economic globalization has reached a critical historical turning point. The traditional model of globalization under the dominance of neoliberalism has brought about dilemmas such as the wealth gap, the development divide, and debt crises. Meanwhile, anti-globalization waves, characterized by unilateralism and protectionism, have led to issues including trade disputes, "decoupling and breaking chains" ^[2], and governance deficits. This dual predicament indicates that economic globalization urgently requires a paradigmatic reconstruction—moving toward a more vibrant, inclusive, and sustainable new stage by transcending the binary logic of "laissez-faire" versus "closed conservatism."

Since entering the New Era, the Party Central Committee with Comrade Xi Jinping at its core has based itself on resolving global development deficits and governance dilemmas. With a focus on building a community with a shared future for humanity characterized by universal prosperity, the Central Committee has formed Xi Jinping's important discourse on economic globalization through the practical process of promoting high-level opening up and international cooperation. From 2017, when President Xi Jinping systematically expounded China's proposition on economic globalization at the World Economic Forum, to 2023, when General Secretary Xi Jinping explicitly proposed the construction of an equitable and inclusive economic globalization at the Central Conference on Work Relating to Foreign Affairs, this theory has achieved a sublimation from conceptual initiatives to institutional design. It provides a Chinese solution for the world economy to break free from structural dilemmas. This article aims to comprehensively analyze the logical progression of Xi Jinping's important discourse on economic globalization, deeply interpreting its historical perspective, systems thinking, goal orientation, governance path, and cooperation philosophy, striving to reveal its theoretical contribution and practical value in transcending traditional globalization models and constructing an order for economic globalization.

I. Examining the Processes and Laws of Economic Globalization Through the Lens of World History

General Secretary Xi Jinping's diagnosis of economic globalization is not focused on isolated incidents or temporary phenomena; rather, it examines the processes and laws of economic globalization through a world-historical perspective, based on the fundamental principles of the dialectical movement between the productive forces and the relations of production. Starting from the objective facts of the development of productive forces and scientific and technological progress, and from the strategic trend of the ever-deepening interdependence of humanity, General Secretary Xi Jinping has provided a profound and systematic exposition of the historical roots, inherent laws, and inevitable trends of economic globalization.

1. Economic globalization is a historical necessity of the development of productive forces and scientific and technological progress.

From a historical dimension, the emergence of economic globalization was not accidental but rooted in the development of productive forces and the impetus of the scientific and technological revolution. Historical materialism holds that "only with this universal development of productive forces is a universal intercourse between men established," and that with the development of productive forces and the expansion of universal intercourse, "in place of the old local and national seclusion and self-sufficiency, we have intercourse in every direction, universal inter-dependence of nations." In short, the evolution of economic globalization follows a clear logical chain: technological breakthrough – leap in productive forces – expansion of the space of intercourse.

In modern times, every scientific revolution and technological innovation experienced by humanity has driven the cross-border flow of factors of production and the global expansion of economic activity, laying a profound material and technical foundation for economic globalization. Regarding this, General Secretary Xi Jinping concluded: "Economic globalization is an objective requirement of the development of social productive forces and an inevitable result of scientific and technological progress; it is not something created artificially by certain individuals or certain countries." Currently, a new round of scientific and technological revolution and industrial transformation is advancing by leaps and bounds. Disruptive innovations in a new generation of information technologies—such as big data, cloud computing, artificial intelligence, and blockchain—are constantly emerging, driving iterative leaps in productive forces and the transformation of the world economy toward digitalization, intelligence, and green development. This has not only profoundly changed the allocation of global factor resources, industrial development models, and human lifestyles, but has also opened up broader space for international economic cooperation and competition, injecting stronger developmental momentum into economic globalization. Addressing this, General Secretary Xi Jinping pointed out: "It should be recognized that economic globalization conforms to the requirements of the development of productive forces and the interests of all parties; it is the trend of the times." It is evident that the essence of economic globalization is a response to and realization of the demand for higher-level productive forces. As productive forces continue to develop and technology continues to progress, the space for intercourse in human society will continue to expand. Economic globalization, as the inevitable result of this process, will also continue to evolve toward higher levels.

2. Economic globalization is a contemporary process of deepening interdependence among nations.

Economic globalization is not merely an economic phenomenon but a historical process in which multilateral links between states are continuously expanding and deepening. In General Secretary Xi Jinping’s view, economic globalization has gone through different developmental periods since its inception, and is currently in a stage where "interdependence among countries has been greatly strengthened, and economic globalization is rapidly developing and evolving." With the in-depth development of economic globalization, this "interdependence" is no longer confined to the economic sphere but has comprehensively permeated multiple fields including politics, culture, society, and even ecology. This has not only greatly enriched the connotation and extension of economic globalization but has also made the existence of an objective global community a reality for all nations.

At the economic level, economic globalization has driven the deepening of the international division of labor and the formation of global industrial and supply chains, prompting national economies to form close connections of shared interests and responsibilities within the framework of globalization. In the precise division of labor system of global value chains, the economic interests of developed and developing countries are deeply integrated, and the global economic system presents a multi-layered and diversified pattern of collaboration. However, the content of economic globalization is not only "about economic interdependence." From a cultural and social perspective, economic globalization has greatly promoted exchange and interaction between different civilizations and cultures, driving the pluralistic integration of global culture: "Exchange and mutual learning between civilizations is an important driving force for the progress of human civilization and the peaceful development of the world." Therefore, economic globalization is not a purely economic activity but a multi-dimensional social practice, a process of continuous increase in cultural, political, and social ties between countries. This objective trend of "highly integrated interests and mutual interdependence" provides a powerful endogenous impetus for the in-depth development of economic globalization, pushing the countries of the world toward a more efficient, close-knit, and integrated direction.

3. Economic globalization is an irreversible historical trend.

Since the 2008 international financial crisis, the global economic landscape has undergone profound changes. Based on dual political and economic considerations, some countries have taken the opportunity to implement more stringent protectionism and more extreme isolationism, causing economic globalization to encounter setbacks. Regarding this, General Secretary Xi Jinping pointed out: "Economic globalization has entered a period of phased adjustment; there are doubters and those who hesitate. It should be recognized that economic globalization conforms to the requirements of the development of productive forces and the interests of all parties; it is the trend of the times."

Specifically, the relationship of interdependence on a global scale necessitates that countries seek common development and universal security under a multilateral system. On the one hand, the global economic network and community of interests formed by globalization are now inseparable; almost all countries play important roles and share benefits within this system. "To attempt to artificially sever the flow of capital, technology, products, industries, and people between national economies and return the sea of the world economy to isolated small lakes and rivers is impossible and contrary to the trend of history." On the other hand, countries cannot avoid the need for international cooperation when facing global issues. At present, the world's momentous changes unseen in a century are accelerating. Traditional security issues such as international conflicts and regional disputes are intertwined with non-traditional security threats such as terrorism, climate change, cyber security, and biosecurity, affecting human survival and development. "None of the global issues facing humanity can be solved by any single country acting alone; there must be global action, global response, and global cooperation." It is clear that "anti-globalization" acts not only violate the objective laws of human social development and the common interests of the world's people but also fail to effectively respond to complex global problems. As a major historical trend, economic globalization is an inherent requirement of the increasing integration of the world economy and a practical necessity for addressing complex global issues. Therefore, economic globalization "is neither a matter of subjective wishful thinking nor something that people can terminate at will."

II. Grasping the Opportunities and Challenges of Economic Globalization with Systems Dialectical Thinking

General Secretary Xi Jinping's important discourse on economic globalization is a creative application and specific deepening of the Marxist theory of contradictions regarding global issues. He emphasizes that economic globalization is neither "Ali Baba's cave," from which wealth can be released at no cost, nor "Pandora's box," which can only bring risks and crises. The opportunities and challenges of economic globalization are intertwined; it is both an accelerator for the leap of productive forces and an amplifier for the contradictions in the relations of production. Only by analyzing and navigating it with systems dialectical thinking can the "law of the unity of opposites" inherent in economic globalization be verified and transformed in practice.

1. Economic globalization injects powerful momentum into world economic development.

General Secretary Xi Jinping has pointed out that "economic globalization is the engine driving world economic growth" and contains immense developmental opportunities.

First, it promotes the optimal allocation of factor resources on a global scale and advances world economic prosperity. Economic globalization has broken the limitations of regional economic activities, promoted the deep integration and coordinated development of global industrial, supply, and value chains, and facilitated the free flow and optimal allocation of production factors (such as capital, information, labor, and technology) worldwide. This has realized a "great prosperity of trade, great convenience of investment, great flow of personnel, and great development of technology," thereby forming a diversified, decentralized, and specialized international production and trade system. In this process, by relying on open market architectures, countries continuously consolidate and strengthen their respective comparative advantages and establish complementary cooperative relationships, effectively enhancing the overall efficiency of the world economy and laying a solid foundation for comprehensive global economic growth and long-term prosperity.

Second, it provides important impetus for the development of the Global South and promotes a more balanced international balance of power. General Secretary Xi Jinping believes that economic globalization allows "emerging market countries and developing countries to face rare developmental opportunities." First, economic globalization prompts Global South countries to gradually integrate into the global production system, becoming important components of global industrial, supply, and value chains, which greatly accelerates the industrialization and modernization processes of these countries. For example, by actively integrating into economic globalization and utilizing their own factor endowment advantages to participate in the international division of labor, India and China have rapidly risen as important bases for world manufacturing development. Second, economic globalization promotes South-South cooperation and the coordinated development of the Global South. When facing common challenges, Global South countries have strengthened their common positions and collaborative capacities in global affairs by sharing experiences, establishing coordination mechanisms, and speaking with a collective voice. Finally, with their economic rise, Global South countries have gradually broken out of their marginalized positions in the traditional international political and economic system. Their discourse power and influence have increased significantly, making them a major force driving global economic restructuring and changes in the international balance of power, thereby "making the map of global development more comprehensive and balanced, and the foundation of world peace more solid and secure."

Third, it makes the ties between all countries and nations closer, helping to build a community with a shared future for humanity. General Secretary Xi Jinping noted that economic globalization has caused the "degree of interconnection and interdependence between countries to deepen to an unprecedented extent." It has not only driven international cooperation in the economic field but has also built platforms for cooperation in global cultural exchange, social ties, and ecological protection. In this context, the forms of international cooperation are continuously expanding and deepening, and the mutual understanding and tolerance between different countries, regions, nations, and cultures have reached unprecedented heights. These tight international links promote the popularization of the concept of multilateralism and the practice of collaborative governance models, providing international platforms and institutional guarantees for addressing common human challenges and laying an important foundation for building a community with a shared future for humanity.

2. Challenges brought by globalization must be viewed correctly and responded to scientifically.

General Secretary Xi Jinping believes that "simply blaming economic globalization for the problems troubling the world is neither consistent with the facts nor helpful for solving the problems." Economic globalization in the world today is essentially still the old-style globalization dominated by Western countries; it is a "globalization of the Western world" and a "globalization of capitalism." The objective reality of the development of productive forces requiring a higher degree of socialized production is deeply bound up with the subjective goal of Western countries to extend the boundaries of the rule of capital. Consequently, in the process of Western-led economic globalization, the two inevitably present a state where developmental opportunities for productive forces are intertwined with the endogenous contradictions of capitalism. This also determines that the construction of economic globalization must adhere to systems dialectical thinking, performing correct diagnosis, summarization, and scientific response to the current opportunities and challenges of economic globalization.

First, many current global problems are not the inevitable result of economic globalization itself, but rather stem from the externalization and expansion of internal contradictions within capitalism, caused by the long-term unilateral dominance of economic globalization by Western nations. For example, the international financial crisis was not an inevitable product of the development of economic globalization, but the result of financial capital’s excessive pursuit of profit and a severe lack of financial regulation. Furthermore, the global economy is currently mired in a downturn, with the wealth gap and the North-South divide continuously widening. The root causes are the three prominent contradictions—"insufficient global growth momentum," "lagging global economic governance," and "imbalanced global development"—which have not been effectively resolved. These are all closely related to the disorder and functional deficiencies present in the process of economic globalization dominated by Western nations. Therefore, when faced with the emergence of global problems, it is crucial to accurately identify the root of the illness and reflect on the policy failures and deeper structural defects of Western nations, rather than simply attributing them to the "side effects" of economic globalization.

Second, economic globalization has brought issues of inequality, instability, and insecurity to some countries. While the Western-led model of economic globalization did indeed promote the development of global productive forces and the prosperity of the world economy, its negative externalities ^[6] cannot be ignored. To satisfy the needs of capital expansion to the greatest extent possible, the West has attempted to use the process of economic globalization to seize resources, eliminate differences, and manufacture conflicts on a world scale, which has seriously undermined the equilibrium of national development, the subjectivity of national cultures, and the stability of social governance. For instance, the neoliberal-led economic globalization failed to achieve the so-called "trickle-down effect"; instead, it made the problems of the wealth gap and the North-South divide even more prominent. At the same time, the cultural penetration and market uniformity brought by economic globalization failed to respect the cultural diversity and indigenous values of various nations, intensifying cultural conflicts, national identity crises, and social fragmentation on a global scale. In this context, the overlay of external pressures from economic globalization and internal contradictions has further exacerbated the risks of political instability and social unrest. Beyond this, "to integrate into the global market, many developing nations have had to cede a portion of their economic sovereignty." While this stimulated economic growth in the short term, it also led to a decline in these countries' ability to respond to global market shocks, thereby threatening their national economic security. General Secretary Xi Jinping has pointed out that "global industrial restructuring has brought shocks to different industries and groups," and sudden shifts in the monetary policies of major economies have also "brought challenges to world economic and financial stability, with the vast number of developing countries bearing the brunt."

Third, we must guide economic globalization toward better development rather than rejecting it entirely. General Secretary Xi Jinping has emphasized that "faced with the opportunities and challenges brought by economic globalization, the correct choice is to fully utilize all opportunities, cooperate to meet all challenges, and guide the direction of economic globalization." It is undeniable that Western-led economic globalization has many defects, but this does not mean the trend of economic globalization itself is wrong or a failure. Completely negating the current state of globalization, or even attempting to reverse the process, would not only be unhelpful in solving the problems currently facing the world but might also exacerbate antagonism and conflict between nations. In other words, we must both profoundly reveal the crisis in the relations of production and the global governance deficit caused by the disorderly expansion of capital, and transform them through institutional reforms to achieve an adaptive evolution of economic globalization. To this end, it is necessary to eliminate the negative impacts of economic globalization, release more positive effects, and lead economic globalization into a more dynamic, inclusive, and sustainable new stage through rational policy regulation and institutional innovation.

III. Anchoring the Goals and Direction of Economic Globalization with a Vision of Universal Benefit and Inclusivity

Facing the fundamental question of our era regarding the future of economic globalization, General Secretary Xi Jinping has clearly pointed out the need to promote the construction of a universally beneficial and inclusive economic globalization. This vision not only responds to the many ailments of current economic globalization but also provides scientific guidance for building a just, rational, and sustainable new world economic order.

1. "Universally Beneficial" Economic Globalization: Promoting Common Development and Universal Prosperity

Universally beneficial economic globalization emphasizes the justice of benefit distribution, the shared nature of technological progress, and the accessibility of global public goods. This concept aims to resolve the imbalanced and inadequate development in the existing process of economic globalization, constructing a new type of global economic order centered on common development and universal prosperity. Its connotations can be understood from the following three levels:

First, economic benefit for all. Currently, the "winner-take-all" phenomenon in the global capitalist system is becoming increasingly prominent, and the unequal distribution of benefits from economic globalization has become one of the major contradictions in the current international economic order. General Secretary Xi Jinping has explicitly stated that "world prosperity and stability cannot be built on the basis of the poor getting poorer and the rich getting richer." In this context, "economic benefit for all" should be committed to reconstructing the logic of benefit distribution in the global economic order, promoting a transition from "efficiency first" to "equal emphasis on fairness and efficiency," and "allowing different countries, different classes, and different groups of people to share the benefits of economic globalization." Furthermore, the core of "economic benefit for all" lies in enabling different countries and social groups to enjoy more equitable rights to development and benefits within the global economic system through institutional innovation and the reshaping of rules. Therefore, the fair distribution advocated by this concept is not a simple redistribution of resources, but rather a fundamental transformation of the economic development model driven by institutional change. This pushes the global economic order toward a more balanced, inclusive, and multi-dimensional win-win direction, moving away from Western dominance and unilateral gains.

Second, technological benefit for all. The current digital revolution is constantly reconstructing the global innovation map and reshaping the global economic structure. However, the application and popularization of these technologies are often concentrated in developed countries where technological resources and intellectual property are highly centralized. Meanwhile, developing countries face shortages of funds, a lack of talent, and incomplete infrastructure, making it difficult for them to benefit from global scientific and technological progress. In other words, "a new digital divide is forming." Therefore, the goal of "technological benefit for all" is to eliminate the digital divide and technological monopolies. By carrying out systemic transformations of the existing global technology governance framework, it seeks to realize the global public nature and shared quality of technological knowledge, embedding the process of technological innovation within the institutional logic of inclusive growth. This means not only a more equal and effective flow of scientific and technological resources between developed and developing countries but also the establishment of an innovation diffusion mechanism centered on "sharing technological dividends." This will "enhance the fairness, effectiveness, and synergy of global development, and collectively oppose any attempts to create technological blockades, technological divides, or developmental decoupling," thereby achieving the equitable dissemination of and universal benefit from global scientific and technological achievements, ensuring that global technological progress becomes a foundational force for common development.

Third, universal benefit from global public goods. With the deepening of economic globalization, the international community's demand for global public goods has increased sharply, "but the contradiction between the serious shortage of public goods supply and the vigorous demand has become increasingly prominent." Regarding this, General Secretary Xi Jinping has emphasized, "We welcome all countries to combine their own national conditions, actively develop an open economy, participate in global governance and the supply of public goods, and work together to build a broad community of interests." Thus, "universal benefit from public goods" means that when providing global public goods, the international community should transcend traditional unilateralism and utilitarianism and turn toward a global cooperation framework based on common interests, using "institutional fairness" to promote the effective supply and equitable distribution of public goods. This shift emphasizes that the supply and distribution mechanisms for global public goods should be rooted in a deep institutional architecture of multilateral cooperation, equal consultation, and institutional guarantees. These institutional arrangements should achieve a systemic balance in terms of the rights of subjects, fair burden-sharing, and long-term safeguards, thus transforming economic globalization from a one-way pattern dominated by the interests of a few countries into an institutional system of universal benefit, equilibrium, and multi-party governance.

2. "Inclusive" Economic Globalization: Supporting Countries in Taking Development Paths Suited to Their Own National Conditions

Inclusive economic globalization embodies a new concept of global economic governance characterized by pluralistic coexistence and win-win results through diversity. Unlike "universal benefit," which focuses on the fairness of benefit distribution, "inclusivity" focuses more on the recognition and acceptance of the diverse development paths of various countries within the global economic order. It advocates for respecting institutional differences, civilizational diversity, and differences in ecological carrying capacity among nations, promoting the realization of stable and sustainable development within a pluralistic framework. Its connotations can be understood from the following three levels:

First, institutional inclusivity. General Secretary Xi Jinping has pointed out that "there is no single model of modernization in the world, nor is there a single standard of modernization that fits all." While the economic integration and institutional interconnectivity promoted by economic globalization have certainly brought many positive results, they have also exposed a tendency toward the homogenization of institutional models. In particular, the global expansion of Western-led institutional standards often ignores the unique historical and social backgrounds of other countries. Overemphasizing the universality of a single model may lead many countries into a state of maladaptation, imbalance, and insecurity during the process of economic globalization. Therefore, "institutional inclusivity" is especially important in the current context of economic globalization. It aims to ensure that countries can choose development models and institutional designs suited to their own national conditions, strengthening their autonomy over policy tools so as to better achieve sustainable national economic development and social stability and prosperity, thereby consolidating a diversified global economic system.

Second, civilizational inclusivity. In the current process of economic globalization, mainstream Western values often dominate the setting of economic rules. This not only ignores the influence of diverse cultures on economic behavior but also fails to fully consider the uniqueness of the social systems, development models, and value systems of non-Western countries. Regarding this, General Secretary Xi Jinping has noted that "human history will not end with one civilization or one system." Therefore, promoting "civilizational inclusivity" has become an important task in constructing economic globalization. On one hand, it emphasizes the recognition of the legitimacy and value of economic practices derived from non-Western civilizations—such as economic ethics, transaction models, concepts of property rights, and financial systems—and rejects the use of Western values as the sole value criterion for economic globalization. On the other hand, it requires the international community, when handling international affairs, to seek consensus not only on economic and technological levels but also from a cultural perspective, respecting the social systems, development methods, and value orientations of all countries. This avoids the "one-size-fits-all" imposition of Western-led economic frameworks, thereby enhancing the sense of identity and participation of all countries in the global economic system.

Third, ecological inclusivity. In recent years, problems such as climate change, biodiversity loss, resource shortages, and environmental pollution have become prominent, posing threats to the healthy and sustainable development of human society. In response, General Secretary Xi Jinping has emphasized, "Industrialization has created unprecedented material wealth, but it has also inflicted irremediable ecological scars. We cannot eat the food of our ancestors and block the path of our descendants by pursuing development in a destructive manner." Therefore, "ecological inclusivity" emphasizes promoting the transformation of development models and deepening international cooperation in the field of the ecological environment to achieve the goals of harmony between humanity and nature and sustainable development. On one hand, countries should actively and voluntarily adjust their economic development strategies based on their own actual conditions, "coordinating economic growth, people's livelihood protection, and energy conservation and emission reduction, promoting green transformation in economic development, and achieving greater development within green transformation." This involves not only adjusting energy structures but also greening industrial structures, making consumption patterns sustainable, and promoting and applying green technologies. On the other hand, it is necessary to respect the ecological carrying capacity and developmental stages of different countries, further deepen international cooperation in the ecological environment, and strengthen the common commitments and collective actions of all countries in fields such as climate change, energy transition, resource management, and biodiversity protection.

IV. Resolving the Dilemmas and Problems of Economic Globalization Through the Reform of the Global Governance System

General Secretary Xi Jinping has emphasized, "Currently, economic globalization is encountering setbacks, which to some extent reflects the defects of the existing global governance system." Traditional global governance structures, especially the multilateral institutions based on the Bretton Woods system, effectively promoted global economic stability and development for a period following the end of World War II. However, with the continuous deepening of economic globalization and the adjustment and evolution of the global economic landscape, this system has exposed its inherent ailments and can no longer meet the needs of global economic governance in the New Era. Therefore, developing economic globalization urgently requires optimizing the global economic governance system in terms of its adequacy, fairness, and efficiency, thereby providing continuous momentum and stable support for the coordinated development, fair cooperation, and efficient operation of the global economy.

1. Promoting the construction of a more comprehensive and inclusive global economic governance system to cover emerging governance issues.

The existing global economic governance system focuses primarily on transnational coordination within traditional economic fields. However, faced with rapid shifts in the global economic landscape, many new problems emerging from the process of economic globalization have exceeded the scope of traditional governance areas such as trade, finance, and investment. Therefore, to address these constantly surfacing issues, the global economic governance system urgently needs expansion and deepening.

On the one hand, the global economic governance system must extend to more emerging issues and establish effective governance mechanisms for them. For example, the manifestation of multiple crises has rendered global industrial and supply chains particularly vulnerable; thus, "jointly building a global industrial and supply chain system that is secure, stable, smooth, efficient, open, inclusive, and mutually beneficial" has become a matter of urgency for global governance. Furthermore, with the advancement of the technological revolution, transnational technology companies and digital platforms are developing rapidly, necessitating the "creation of effective rules for artificial intelligence and the digital economy that are universally accepted by all parties." These rules can be realized through the expansion of existing international institutions or the establishment of new types of multilateral platforms.

On the other hand, the global economic governance system needs to strengthen its cross-sectoral governance capabilities. The complex problems brought about by economic globalization are often interconnected. The relationship between climate change, environmental protection, and economic development requires that global climate governance should not be limited to cooperation in the field of environmental protection, but should also involve synergy in economic policies, technological innovation, and financial support. This requires the global economic governance system to transcend traditional single fields such as economy, environment, and technology, forming more integrated cross-sectoral and cross-issue solutions. In short, the "adequacy" of the global economic governance system is not merely about strengthening and expanding within traditional economic domains; it should also include improving governance capabilities across different fields and issues. This fundamental transformation toward adequacy will make the global governance system more adaptive, thereby providing more comprehensive institutional support for the in-depth development of economic globalization.

2. Promoting the construction of a more just and rational global economic governance system to ensure the equitable reflection of the interests and demands of all countries.

General Secretary Xi Jinping believes that the current global economic governance system suffers from a significant lack of justice: "Over the past several decades, the international balance of economic power has undergone profound evolution, yet the global governance system has failed to reflect this new landscape; its representativeness and inclusiveness are quite insufficient." For a long time, the global economic governance system has been biased toward developed countries in terms of rule design, distribution of decision-making power, and resource allocation, resulting in the failure to effectively incorporate the interests and demands of developing countries into the global decision-making framework. Therefore, the global economic governance system needs to be more just, reflecting more accurately the differences between the Global North and South as well as the interests and demands of countries at different stages of development.

On the one hand, global economic governance mechanisms should undergo a more just redesign in terms of rule-making and the distribution of decision-making power. The decision-making mechanisms of the global financial system depend on voting weights, most of which are set according to the economic size and contributions of member states, allowing developed countries to occupy a dominant position in the process of rule-making and decision-making. General Secretary Xi Jinping emphasized: "Countries, regardless of size, strength, or wealth, are all equal members of the international community and should participate equally in decision-making, enjoy rights, and perform obligations. We must grant emerging market countries and developing countries more representation and a greater say." Consequently, it is necessary to "conduct the World Bank shareholding review and promote the adjustment of IMF [International Monetary Fund] quotas according to the timetable and roadmap agreed upon by all parties," and to push for more representatives from developing countries to enter key positions, ensuring that the interests of these countries are better expressed in the formulation of global financial rules.

On the other hand, the justice of the global economic governance system should be manifested through strengthening the diversity and inclusiveness of global governance platforms. Global economic governance should not be restricted to traditional institutions dominated by the West; it should instead further expand to include more diverse, trans-regional governance bodies and create more multilateral cooperation platforms oriented toward countries at various levels of development, so as to embrace and absorb the voices of more nations and regions. Furthermore, global economic governance platforms should fully consider the Global North-South gap and the different developmental stages of various countries, implementing the principle of common but differentiated responsibilities. For instance, on the issue of climate change, developed countries should bear more responsibility for emission reductions and provide necessary financial and technical assistance to developing countries to alleviate the limitations and challenges they face in addressing climate change. In short, to achieve justice in the global economic governance system, profound structural reforms must be carried out in decision-making mechanisms, rule-making, and participation mechanisms. This reform is not merely a correction of existing injustices, but an inevitable requirement for achieving the inclusive development of the global economy.

3. Promoting the construction of a more pragmatic and efficient global economic governance system to adapt to the ever-changing world economic situation.

General Secretary Xi Jinping has pointed out that currently, "the insularity of mechanisms and the fragmentation of rules are very prominent," leading to problems such as slow decision-making and ineffective execution in global governance. Some countries engage heavily in double standards and exceptionalism, "using international law when it suits them and discarding it when it does not," which further exacerbates the global governance deficit. To respond to the changing world economic situation, the global economic governance system requires profound reforms to enhance operational efficiency and response capabilities. Specifically, the high efficiency of global economic governance should be realized through reforms in the following two aspects.

On the one hand, the global economic governance system should strengthen decision-making mechanisms for collective action. It must transcend narrow national interests and resolutely oppose the attempts of individual countries to replace and subvert recognized international law and norms of international relations with a "rules-based order" ^[14]. "We must safeguard the international system with the United Nations at its core, the international order based on international law, and the multilateral trading system with the World Trade Organization at its core," in order to uphold and practice true multilateralism. This will build consensus and enhance collective action in global economic governance, realizing the optimal allocation and integrated utilization of governance resources, and powerfully elevating the effectiveness of global economic governance.

On the other hand, the global economic governance system should simplify decision-making processes and increase response speed. The existing governance system typically relies on cumbersome multilateral negotiations and long-cycle decision-making procedures, often delayed by the divergent interests of various countries and complex political maneuvering. However, changes in the global economic situation are often rapid and complex. This makes it difficult for the global governance system to provide timely and effective response plans when encountering crises and sudden events. To address this issue, the global economic governance system should optimize its organizational structure and enhance the flexibility and real-time nature of decision-making mechanisms to avoid falling into tedious procedures when a crisis occurs. For example, specific "emergency decision-making bodies" or "crisis response teams" could be established to react quickly to global economic and financial crises through simplified procedures. Such mechanisms should possess strong flexibility, enabling them to rapidly mobilize necessary resources and coordinate emergency responses among all parties. It is also possible to establish global economic monitoring platforms to track global economic dynamics in real-time, provide early warnings for potential economic risks, and adopt an "early emergency response" approach at the initial stages of a crisis to prevent it from expanding or escalating.

V. Promoting the Coordination and Development of Economic Globalization through the Construction of Global Partnerships

The construction of economic globalization is inseparable from the coordination and cooperation of diverse international subjects. General Secretary Xi Jinping noted: "Only through cooperation can we accomplish great things, good things, and lasting things. Developed countries should fulfill their obligations, developing countries should deepen cooperation, and the North and South should work toward each other to jointly build a global development partnership that is united, equal, balanced, and beneficial to all," effectively pushing economic globalization from a vision into a reality.

1. Creating a new model of North-South cooperation.

In current global economic governance, the North-South gap and developmental imbalances remain among the most prominent contradictions. To effectively address this challenge, the traditional "North-South" relationship model must be transformed to promote the formation of a more equal and inclusive new model of North-South cooperation. This model is not only a key component of the reform of global economic governance but also an important foundation for promoting the effective operation of global development partnerships.

In its institutional design, the new North-South cooperation should strengthen the principle of commonality in decision-making and execution to truly achieve parity between subjects in the governance process and a balance of interests in governance outcomes. The traditional North-South cooperation model, dominated by Western countries, tended toward a one-way export of development concepts and governance standards, ignoring the practical needs and interest demands of developing countries, which led to limitations in the effectiveness of cooperation. Therefore, we "must adhere to a global governance perspective of extensive consultation, joint contribution, and shared benefits," incorporating the multilateral governance concept of "consultative decision-making" into the institutional design of global governance. Through institutionalized channels, we must ensure that developing countries have full participation and a voice, thereby achieving compatibility and synergy between the development strategies of both sides. We should push for a strategic shift in North-South cooperation from being "aid-oriented" to "empowerment-oriented." "Helping developing countries develop and narrowing the North-South gap is a responsibility and obligation that developed countries should undertake." However, for a long time, the traditional North-South aid framework has focused too heavily on external capital or material aid, neglecting the cultivation of endogenous drivers for economic structural transformation in host countries, resulting in a continuous dependence on aid among developing countries. Therefore, North-South cooperation under the new model should focus more on enhancing the independent innovation capabilities of developing countries within global value chains and promoting the upgrading of their industrial structures, so that cooperation truly becomes a catalyst and driver for the economic self-renewal of developing countries. Only in this way can we fundamentally change the unbalanced landscape of global development and realize the inclusiveness and sustainability of global economic cooperation.

2. Constructing a new framework for South-South cooperation.

Currently, the connotations and forms of South-South cooperation are undergoing profound changes. Constructing a systematic framework for South-South cooperation will not only help achieve mutual benefit and win-win results among Southern countries but will also push the "Global South" to play a greater role in the global economic governance system.

On the one hand, the construction of a new framework for South-South cooperation must be based on strategic coordination of differences in development stages. In the past, the model of South-South cooperation was too general and generalized, failing to deeply consider the heterogeneity of development stages, resource endowments, and institutional environments among countries. For example, some countries may have urgent needs for infrastructure construction, while others are more focused on industrial structural upgrading and cooperation in high-tech fields, leading to some cooperation results being difficult to implement or having low efficiency. Therefore, a "differentiated cooperation mechanism" based on accurate assessments of national capacities and needs should be established. By implementing customized strategic plans that take into account multiple objectives such as infrastructure construction, supply chain restructuring, technological innovation, and capacity building, a more precise and efficient collaborative path can be formed, ensuring that all parties maximize resource utilization efficiency and optimize cooperation results.

On the other hand, the systematization of the new South-South cooperation framework also requires the establishment of long-term and institutionalized funding and governance security mechanisms. Previous South-South cooperation mostly consisted of temporary or short-term projects that lacked stable institutional and financial support, which greatly limited the depth and breadth of such cooperation. In response, General Secretary Xi Jinping emphasized: "To strengthen South-South cooperation, we need to strengthen institutional building." Through the collective efforts of Global Southern countries, stable regional or trans-regional cooperation platforms should be built, and corresponding cooperation funding mechanisms should be established to ensure the realization of long-term cooperation goals. At the same time, we must further promote institutional innovation in South-South cooperation. By building standardized and transparent governance, we can enhance the credibility and executive efficiency of South-South cooperation, thereby effectively improving the sustainability and long-term benefits of the South-South cooperation framework.

3. Improving the interest-sharing mechanism between transnational corporations and host countries.

Transnational corporations are powerful promoters of economic globalization and a significant force in building an open world economy. They not only facilitate the optimal allocation of global capital, technology, and industry but also profoundly influence the structural transformation and development paths of host countries' economies. However, in recent years, the imbalance of interests between transnational corporations and host countries has become increasingly prominent. This is manifested specifically in the high level of profit repatriation by transnational corporations alongside insufficient interest sharing for the host country, a low degree of localization leading to inadequate technology spillovers, and the negative externalities of transnational investment on the local ecological environment. These issues have not only exacerbated economic and social contradictions within host countries but have also weakened the overall sense of identity and sustainability of economic globalization. Therefore, in order to better coordinate the multi-subject coordination and cooperation in the process of economic globalization, an interest-sharing mechanism between transnational corporations and host countries that is more fair, transparent, and sustainable can be constructed from three dimensions: evaluation standards, participation models, and profit distribution, to better promote the balanced development and sustainable growth of the global economy.

First, at the level of the investment evaluation system, there should be formed... [Text cuts off]

...a comprehensive evaluation standard centered on "local economic contribution, technology spillover effects, and ecological and environmental impact." This standard represents a shift from the previous narrow perspective that focused solely on economic returns or investment scale. Instead, it emphasizes the broader interactive effects between multinational corporations (MNCs) and the host country's economy and society, guiding MNCs to align their own interests with the development needs of host countries to achieve long-term win-win results.

Second, regarding the mode of participation in global value chains (GVCs), a "chain-leader-guided model" ^[15] should be established, wherein host-country local enterprises gradually elevate their position within global industrial chains. Under this model, the role of MNCs in global value chains is no longer limited to being mere exporters of capital and technology; rather, they should become important driving forces for the industrial structural upgrading and capacity building of the host country. They should proactively promote the extension of local enterprises into high-end areas of the value chain, ultimately driving an increase in the overall competitiveness of the host country's industry.

Third, regarding the mechanism for benefit distribution, we should explore the establishment of shared institutional arrangements for the reinvestment of excess profits into local development. This involves guiding MNCs to reinvest a portion of their operating profits into areas such as the host country's infrastructure, social services, education and training, and ecological protection. Such reinvestment not only assists in the accumulation of local economic and social resources but also facilitates the integration of sustained corporate operations with social responsibility, achieving a dynamic balance between corporate profit growth and the long-term development of the host country.

Source: Marxism Studies (Makesizhuyi Yanjiu), No. 11, 2025. Editor: Huihui.