The Change of Global Economic Governance and China

Contents
1 Introduction Global Governance: History, Logic and the Role of China
	1.1 Introduction
	1.2 Historical Review
	1.3 Global Governance and Its Logic
	1.4 Promoting the Reform of Global Governance System is the Trend of the Times
	1.5 Focusing on Global Economic Governance
	1.6 China’s Outlook on Global Governance and the Path Towards Global Economic Governance
	References
Part I Changes in Global Economic Governance Structure and Countermeasures
2 Connotation of Global Governance
	2.1 Definition of Global Governance
		2.1.1 What is Governance
		2.1.2 Global Governance
	2.2 Main Contents of Global Governance
		2.2.1 Actors of Global Governance
		2.2.2 Forms of Global Governance
		2.2.3 Objects of Global Governance
	2.3 Reasons for Global Governance
		2.3.1 Emergence of Global Governance
		2.3.2 Reform and Improvement of Global Governance
	References
3 Definition of Global Economic Governance
	3.1 Actors of Global Economic Governance
		3.1.1 Formal Inter-governmental Organizations
		3.1.2 Informal Inter-governmental Organizations
		3.1.3 International Non-governmental Organizations
		3.1.4 Roles of Nation States in Global Economic Governance
	3.2 Operating Mechanisms of Global Economic Governance
		3.2.1 Membership Mechanism
		3.2.2 Decision-Making Mechanism
		3.2.3 Dispute Settlement Mechanism
		3.2.4 Supervision Mechanisms
	3.3 Main Areas of Global Economic Governance
		3.3.1 International Finance Governance
		3.3.2 International Trade and Investment Governance
		3.3.3 Climate Change and Environmental Governance
		3.3.4 International Macroeconomic Policy Coordination
		3.3.5 Global Development Issues
	References
4 Historical Evolution of the Global Economic Governance Structure
	4.1 Connotation of the Global Economic Governance Structure
	4.2 Evolution of the Global Economic Governance Structure
		4.2.1 1870–1914: Era of Laissez-Faire Gold Standard
		4.2.2 1914–1939: Beggar-Thy-Neighbor Post-War Period
		4.2.3 1945–1975: Bretton Woods System and Embedded Liberalism
		4.2.4 1975–2008: Post-Bretton Woods System and Rising of Neo-Liberalism
		4.2.5 2008-Now: Diversified Transformation of Global Economic Governance
	4.3 Evolution Modes of the Global Economic Governance Structure
		4.3.1 Hegemony-Led “Hard Governance”
		4.3.2 North Negotiation-Soft Governance
		4.3.3 North–South Cooperation-Soft Governance
	4.4 The G20 and the Global Economic Governance Reform
		4.4.1 Evolution of Issues Discussed by the G20
		4.4.2 Overview of Progress in Major Issues
		4.4.3 Differences in Major Countries’ Demands for Global Economic Governance
	References
5 Impetus for Evolution of the Global Economic Governance Structure
	5.1 Three Contradictions in Global Economic Governance
		5.1.1 Contradiction Between the Free-Rider Tendency of International Public Goods and Collective Actions
		5.1.2 Contradiction Between Restrictions of International Rules and National Autonomy
		5.1.3 Contradiction Between the Non-Neutrality of International Institutions and the Democratization of Global Governance
	5.2 Power Restructuring and Evolution of the Global Economic Governance Structure
		5.2.1 Hegemonic Governance
		5.2.2 Club Governance
		5.2.3 Inclusive and Improved Governance
	5.3 Changes in Philosophy and Evolution of the Global Economic Governance Structure
	5.4 Laissez-Faire Economic Philosophies
		5.4.1 Embedded Liberalism
		5.4.2 Neoliberalism
		5.4.3 Post-Crisis Conceptual Reconstruction
	5.5 Domestic Political Transformation and Evolution of the Global Economic Governance Structure
		5.5.1 Domestic Re-Distribution and Domestic Foundation of Global Economic Governance
		5.5.2 Practices of Embedding Global Economic Governance into Domestic Governance
		5.5.3 Income Gap Expansion and Global Economic Governance Reforms
	References
6 Reform Orientation of Global Economic Governance
	6.1 Promoting Democratization in Global Economic Governance
		6.1.1 Advancing the Diversification of Global Governance Actors
		6.1.2 Enhancing the Legitimacy of Global Economic Governance Structure
	6.2 Enhancing Interests Inclusiveness of Global Economic Governance
		6.2.1 Advancing Fair and Equitable Interest Distribution Among Countries
		6.2.2 Advancing the Compensation of Domestic Interests Through the Coordination of Internal and External Governance
	6.3 Countermeasures for Solving Global Issues
		6.3.1 Improving the Effectiveness of the Governance Mechanisms
		6.3.2 Innovating Ideas to Usher in New Governance Channels
	References
Part II International Financial Governance and Countermeasures
7 Overview of the Evolution and Reform of International Financial Governance
	7.1 Concept and Framework of International Financial Governance
	7.2 Necessity to Reform the International Financial System
		7.2.1 Multi-polar Pattern and Unipolar Currency
		7.2.2 Consequences of the Lagging Reform of the International Financial System
	7.3 Key Points in the Reform of International Financial Governance
		7.3.1 Diversified Reserve Currency System
		7.3.2 Governance Reform of International Financial Institutions
		7.3.3 Institutional Guarantee and Cooperation Mechanism Building of International Financial Governance
	7.4 Conclusion
	References
8 Factors Influencing the Evolution of International Financial Governance
	8.1 Changes in International Economic Strength and Governance Pattern
		8.1.1 Changes in the Relative Importance of Developed Economies and Emerging Economies in the Global Economy
		8.1.2 Different Groups of Countries Under International Financial Governance
	8.2 Financial Crisis and Global Liquidity Management
		8.2.1 Measurement of Global Liquidity
		8.2.2 Global Liquidity Changes and Financial Market Risks
		8.2.3 Relations Between Global Liquidity and Financial Stability
	8.3 Factors Influencing the Evolution of International Financial Regulatory System
		8.3.1 Evolution of Micro-Prudential Supervision
		8.3.2 Evolution of Macro-Prudential Supervision
	8.4 Conclusion
	References
9 Defects and Challenges of Current International Financial Governance
	9.1 Defects and Challenges in Current International Monetary System
		9.1.1 The International Reserve Currencies: Unfair and Unstable
		9.1.2 Exchange Rate System: Diverse Choices and Difficult Coordination
		9.1.3 International Balance of Payments: Long-Term Imbalance, Difficult to Sustain
	9.2 Defects and Challenges in International Financial Regulatory System
		9.2.1 Problems in Macro-prudential Supervision
		9.2.2 Problems in Micro-prudential Supervision
		9.2.3 Problems Caused by Insufficient Coordination of International Financial Supervision
	9.3 Defects and Challenges in International Capital Flow Management
		9.3.1 Evolution and Status Quo of International Capital Flow
		9.3.2 Challenges of International Capital Flows
	9.4 Defects in International Financial Governance Mechanism
		9.4.1 Defects in the IMF’s Governance Structure
		9.4.2 IMF’s Functional Deficiencies
	9.5 Conclusion
	References
10 Reform Direction of International Financial Governance
	10.1 Reform Direction of International Monetary System
		10.1.1 Super-Sovereign Currency Plan
		10.1.2 Diversified International Monetary System
	10.2 Reform Direction of International Financial Regulatory System
		10.2.1 Reform Direction of International Financial Regulatory System
		10.2.2 Reform Direction of International Capital Flow Management
	10.3 Reform Direction of International Financial Governance Mechanism
		10.3.1 Reform of the IMF’s Governance Structure
		10.3.2 Strengthening its Own Resources
	10.4 Conclusion
	References
11 Countermeasures for China’s Better Participation in International Financial Governance
	11.1 Positioning and Goal of China’s Participation in International Financial Governance
		11.1.1 The Goal of China’s Participation in International Financial Governance
		11.1.2 China’s Participation in International Financial Governance Should Be Based on Domestic
		11.1.3 China Should Stick to the Positioning as a Major Developing Country
		11.1.4 China Should Gradually Improve International Financial Governance
	11.2 SWOT Analysis for China’s Participation in International Financial Governance
		11.2.1 Strength (S)
		11.2.2 Weakness (W)
		11.2.3 Opportunity (O)
		11.2.4 Threat (T)
		11.2.5 SWOT Summary
	11.3 Strategic Choice for China’s Better Participation in International Financial Governance
		11.3.1 At the Domestic Level
		11.3.2 At the International Level
	11.4 Policy Suggestions for China’s Better Participation in International Financial Governance
		11.4.1 Reform of the International Financial Institutions
		11.4.2 Management of International Capital Flow
		11.4.3 Promoting Coordination and Cooperation of the Global Financial Safety Net
		11.4.4 Strengthening the Monitoring and Management of Global Sovereign Debt
	11.5 Conclusion
	References
Part III Progress and Countermeasures of International Trade and Investment Governance
12 The Development of International Trade and Investment
	12.1 The Development of International Trade
		12.1.1 The Development of International Trade After World War II
	12.2 The Development of Foreign Direct Investment
		12.2.1 International Direct Investment Before World War I
		12.2.2 International Direct Investment Between the Two World Wars
		12.2.3 International Direct Investment After World War II
13 Major Platforms and Institutions for International Trade Governance
	13.1 GATT and Trade Governance
		13.1.1 The Development of GATT
		13.1.2 GATT’s Basic Principles on Trade Governance
	13.2 WTO and Trade Governance
		13.2.1 The Creation of the WTO
		13.2.2 The Main Contents of the WTO Agreement
		13.2.3 The Basic Principles of WTO Trade Governance
		13.2.4 Problems of Global Trade Governance Mechanism by the WTO
	13.3 Regional Integration and Trade Governance
		13.3.1 The Number of Regional Trade Agreements Continues to Grow Rapidly
		13.3.2 Economic Integration Will Reveal More New Features
	13.4 G20 and Trade Governance
		13.4.1 The Main Operating Mechanism of the G20
		13.4.2 Major Summits Involving Trade Topics
		13.4.3 G20 Hangzhou Summit
	References
14 Fields for International Trade Governance
	14.1 Trade Rules in the Signed Agreements
		14.1.1 Changes in the Way of Rule-Making
		14.1.2 Changes in the Content of the Rules
	14.2 Development of Trade Rules on Services
		14.2.1 Cross-Border Trade in Services
		14.2.2 Trade in Financial Services
		14.2.3 Rules for the Movement of Natural Persons
		14.2.4 Progress of Regulation on Telecommunications Service
15 International Investment Governance Entity
	15.1 National Government and International Investment Governance
	15.2 Non-state Actors and International Investment Governance
		15.2.1 Intergovernmental International Organization
		15.2.2 Non-governmental Organizations
		15.2.3 Multinational Companies
	15.3 Emerging Governance Entity for Investment: The G20
	References
16 International Investment Governance Field
	16.1 The Main Content of International Investment Governance
		16.1.1 Promoting International Investment to Enhance Economic Growth Momentum
		16.1.2 Advancing the Reform of the International Investment System
		16.1.3 Reforming the Dispute Settlement Mechanism for International Investment
	16.2 International Investment Governance Rules
		16.2.1 Bilateral Investment Treaty
		16.2.2 Regional Investment Treaty
		16.2.3 Global Multilateral Investment Rules
	References
17 Countermeasures for China’s Better Participation in Global Trade Governance
	17.1 Rational and Effective Global Trade Governance Mechanism from China’s Perspective
		17.1.1 China’s Demands for Global Trade Governance Mechanisms
		17.1.2 How to Realize an Effective and Rational Global Trade Governance
	17.2 China’s Participation in Global Trade Governance
		17.2.1 Strategic Thinking on China’s Participation in Global Trade Governance Mechanism
		17.2.2 Specific Countermeasures for China’s Participation in Global Trade Governance Mechanism
	References
18 Countermeasures for China’s Better Participation in International Investment Governance
	18.1 Main Views on Future Direction of International Investment Governance
	18.2 Prospect for Negotiations on Global Multilateral Investment Agreement
	18.3 China Promotes the G20 Mechanism to Participate in Global Investment Governance
	18.4 Outlook
	References
Part IV International Climate Change and Sustainable Development Governance
19 Theories and Paradigms of International Climate Governance
	19.1 Scientific Assessment of Global Climate Change
	19.2 Particularity of Global Climate Change Issues
	19.3 Concepts and Goals of International Climate Governance
	19.4 Value Norms of International Climate Governance
	19.5 Core Elements of International Climate Governance
	19.6 Models of International Climate Governance
	19.7 Participants of International Climate Governance
	References
20 Institutional Evolution of International Climate Governance
	20.1 Evolution of International Climate Regime Under the United Nations Framework Convention on Climate Change
		20.1.1 The United Nations Framework Convention on Climate Change and the First Commitment Period of the Kyoto Protocol
		20.1.2 Bali Roadmap and Negotiations for the Second Commitment Period of the Kyoto Protocol
		20.1.3 Durban Platform and Post-2020 International Climate Negotiations
		20.1.4 The Paris Agreement and New Arrangements for International Climate Governance
	20.2 Climate Goals Under the United Nations Sustainable Development Agenda
		20.2.1 Germination and Development on Ideas of Environmental Crisis and Global Sustainable Development Governance
		20.2.2 Climate Change and a New Round of Reforms in the Worldwide Sustainable Development Governance
		20.2.3 Impact of the Sustainable Development Agenda on International Climate Governance
		20.2.4 Policy Selection of Climate Governance Under the Framework of Global Sustainable Development
	20.3 Climate Change Issues Under the Multilateral Trade Framework
		20.3.1 Global Trade Distribution and Trade Carbon Emission Distribution
		20.3.2 Climate Trade Measures Under the WTO Framework
	20.4 The G20 and International Climate Governance
	References
21 Implementation Mechanism of International Climate Governance
	21.1 Emission Reduction Mechanism
		21.1.1 Emission Trading Scheme (ETS)
		21.1.2 Clean Development Mechanism (CDM)
		21.1.3 Carbon Tax
	21.2 Technical Mechanism
		21.2.1 Technological Changes and Pollution Control
		21.2.2 Connotation of Low Carbon Technology and Key Fields of Transfer
		21.2.3 Low Carbon Technology Transfer Mechanism Under the Convention Framework
		21.2.4 Financial Gaps and Obstacles to International Technology Transfer
	21.3 Financial Mechanism
		21.3.1 Progress on Climate Finance Issues at Previous Conferences of the Parties
		21.3.2 Fund Mechanism Under the United Nations Framework Convention on Climate Change
		21.3.3 Financing Innovation Outside of the United Nations Framework Convention on Climate Change
	References
22 Evaluation on the Effect of International Climate Governance
	22.1 Evaluation of the Effectiveness of International Climate Governance
		22.1.1 Construction of an Armington Trade Climate Model with Multiple Countries and Multiple Commodities
		22.1.2 Data Source and Parameter Calibration
		22.1.3 Analysis of Simulation Results
	22.2 Equity Assessment of International Climate Governance
	22.3 Evaluation of “Intended Nationally Determined Contributions” Targets
	22.4 The Future Development Trend of International Climate Governance
	References
23 Countermeasures for China’s Better Participation in International Climate Governance
	23.1 Objectively Understanding China’s Position in Global Climate Governance
	23.2 Promoting China’s Low-Carbon Transformation with Focuses and by Stages
	23.3 Constructively Maintaining the Current International Climate Governance System
	23.4 Further Deepening Pragmatic Cooperation on International Climate Issues
	References
Part V International Macroeconomic Policy Coordination and Countermeasures
24 Historical Evolution of International Macroeconomic Policy Coordination
	24.1 Evolution of the World’s Economic Pattern and Order
		24.1.1 General Logic of International Economic Policy Coordination: Linkage, Spillover, Coordination and Conflict
		24.1.2 Consolidated International Economic Relations and Policy Spillover Effect
		24.1.3 Trade and Regional Economy Integration: Comparisons Between Eurozone and East Asia
		24.1.4 International Economic Pattern Evolution and International Economic Order
	24.2 Evolution of the International Macroeconomic Policy Coordination Theory
		24.2.1 Principles of International Economic Policy Coordination: Necessity and Feasibility
		24.2.2 Prerequisite for International Macroeconomic Policy Coordination
		24.2.3 Principle and Transmission Mechanism of International Economic Policy Coordination
		24.2.4 Difficulty in International Macroeconomic Policy Coordination: Welfare Effect and Its Asymmetry
	24.3 Evolution of the International Macroeconomic Policy Coordination Practice and Relevant Comments
		24.3.1 International Economic Policy Coordination Before the Bretton Woods System
		24.3.2 The Era of the Bretton Woods System
		24.3.3 After the Collapse of the Bretton Woods System: 1970s and 1980s
		24.3.4 Contemporary International Economic Policy Coordination: Since the 1990s
	References
25 Spillover Effect in International Macroeconomic Policy Coordination
	25.1 Literature Review on the GVC and Value-Added Trade
	25.2 Global Value Chain and Spillover Effect of International Macroeconomic Policies: The Expansion of the Mundell-Fleming Model
		25.2.1 Scenario Analysis
		25.2.2 Fixed Exchange Rate System
		25.2.3 Floating Exchange Rate System
	25.3 Analysis of Spillover Effect of Macroeconomic Policies Based on the Global Value Chain
		25.3.1 Methods of Calculating Added Value
		25.3.2 Stylized Facts in General Trade and Their Influence on the Spillover Effect of Macroeconomic Policies
		25.3.3 Stylized Facts in Bilateral Trade and Their Influence on the Spillover Effect of Macroeconomic Policies
	References
26 Three Key Topics for the G20 Macroeconomic Policy Coordination: Integration, Imbalance and Spillover
	26.1 Global Rebalancing Analysis Based on the Global Value Chain
		26.1.1 Overview of Global Rebalancing
		26.1.2 The Scale of Imbalances in Major Countries Based on the Global Value Chain
		26.1.3 Summary and Prospects
	26.2 The Spillover Effects of QE in Developed Economies: An Analysis Based on the GVAR Model
		26.2.1 Characteristics of the Implementation of QE in Developed Economies
		26.2.2 Theoretical Mechanism and Effectiveness Evaluation of QE
		26.2.3 Analysis of QE Spillover Effects
		26.2.4 Analysis of the Spillover Effects of QE with the GVAR Model
	26.3 International Coordination of Taxation on Multinational Corporations
		26.3.1 Necessity of International Coordination of Taxation on Multinational Corporations
		26.3.2 International Coordination of Tax Information Exchange
		26.3.3 International Coordination of Responses to Base Erosion and Profit Shifting
		26.3.4 Prospects of International Taxation Coordination and China’s Countermeasures
	References
27 Countermeasures for China's Better Participation in International Economic Policy Coordination
	27.1 Status Quo and Challenges of China’s Participation in International Economic Policy Coordination
		27.1.1 Target Coordination in International Economic Policy Coordination
		27.1.2 Behavior Equation of Policy Coordination: Inconsistency Between Model Setting and Time
		27.1.3 Costs and Gains of Policy Coordination
		27.1.4 Challenges Faced by China's Participation in International Economic Policy Coordination
	27.2 SWOT Analysis of China’s Participation in International Economic Policy Coordination
		27.2.1 International Environment of China’s Participation in International Economic Policy Coordination
		27.2.2 SWOT Analysis of International Economic Policy Coordination
	27.3 Countermeasures and Conclusion of China’s Participation in International Economic Policy Coordination
	Reference