Initiative aligns with APEC values, offers framework for discussion, experts say
The China-proposed Global Governance Initiative aligns with the core values of the Asia-Pacific Economic Cooperation, offering Chinese wisdom to help member economies pursue multilateralism, experts said.
The initiative, which was put forward by President Xi Jinping in September, promotes five principles — adhering to sovereign equality, abiding by the international rule of law, practicing multilateralism, advocating a people-centered approach and focusing on taking real actions.
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Kang Ho-gu, director of the Sino-Korea Economy/Society Institute, said, "The GGI is very timely, as it primarily emphasizes the need to uphold multilateralism, and it focuses on collective governance, which aligns with the direction that APEC economies should uphold."
Kang, who is also a visiting professor at the Graduate School of International Studies at Chung-Ang University in Seoul, the Republic of Korea, said this initiative is particularly important because the current multilateral mechanism is weakening, with unilateral measures, such as the "America First "policy, leading to the failure of global governance.
As the ROK hosts this year's APEC Economic Leaders' Meeting, with the theme "Building a Sustainable Tomorrow", Kang said that if the GGI's key principles could be conveyed to governments and all participants at the meeting and a consensus achieved, it would not only promote economic cooperation, but also contribute to the stability of global governance.
Daryl Guppy, an international financial technical analysis expert who previously served on the national board of the Australia China Business Council, said that as global governance and the rules-based trade order face challenges, the GGI provides a framework for discussion by APEC economies.
However, it is a challenge to retain APEC unity with sovereign equality, he said, adding that the interests of each APEC member economy are equally important, but their individual interests should not come at the expense of others.
Australia's prosperity depends on free and open trade, particularly with China, Guppy said, emphasizing that being viewed as a United States ally should not prevent the country from working with and supporting China-led initiatives to promote a trade environment that is free from the threat of punitive tariff measures.
Anna Rosario Malindog-Uy, vice-president of the Asian Century Philippines Strategic Studies Institute, said that by emphasizing collaborative, data-driven and multistakeholder governance, the GGI can help APEC strengthen institutional coherence and regional resilience.
"China can foster institutional synergy by hosting joint policy dialogue and knowledge-sharing platforms that connect the GGI and APEC," Malindog-Uy said.
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In addition, leveraging financial instruments such as the Asian Infrastructure Investment Bank and the Silk Road Fund can help align APEC projects with the GGI's sustainable development goals, she said.
"Ultimately, China's leadership can transform GGI-APEC collaboration into a model of cooperative multilateralism," she added.
Jose Alves, dean of the Faculty of Business at the City University of Macau, said the people-centered approach of the GGI complements APEC's inclusive growth agenda by supporting small and medium-sized businesses, women and youth.
As the proposer of the GGI and the host of APEC 2026, China can align the two frameworks by promoting green technologies, cross-border trade and inclusive policies to drive sustainable growth, he said.
Contact the writers at kelly@chinadailyapac.com
