China's Participation in Global Economic and Trade Governance: Values, Advocacy, Normative Input and Institutional Arrangements

As global economic and trade governance enters a period of important transition, China should reshape the constituent elements of the international economic order and promote it from three aspects: values advocacy, normative input, and institutional arrangements. Regarding values advocacy, China should take inclusive development as the fundamental concept and uphold the coordinated development of free trade and fair trade, promoting the construction of a community with a shared future for mankind in the economic and trade sphere, and inclusive and win-win development. To make normative input, China should adhere to the principle of integrity and innovation, and at the same time be strategic and flexible in practice. In terms of integrity, its normative input should put development at the very center by incorporating the new practices of international economic and trade activities and following the scientific and modern nature of economic activities, and maintain normative stability by striking a balance between openness and national security. In terms of innovation, China should aim at inclusiveness, paying attention to the fairness and justice, and develop overall plans for economic development and other important social objectives. With respect to institutional arrangements, China should heed the lessons learned from its past failure to attach enough importance to this aspect, promote the construction of the rule-making platforms through reform and innovation. While it seeks to reform current mechanisms, it should focus on the creation and maintenance of new norms and platforms at the regional level.