How is China shaping a fair and equitable global governance system?

Nestled on the Red Sea coast in northwest Saudi Arabia, Neom, a brand-new metropolis, has reached a major milestone in its journey towards sustainable development. In June of this year, it successfully completed the construction of a 1.3 GWh energy storage capacity. This is the world’s largest energy storage project, supported by cutting-edge Chinese technology.

This state-of-the-art system integrates renewable energy from wind and solar turbines, as well as facilities such as a seawater desalination plant and a waste management center, creating a completely independent energy supply system for the city.

Launched in July 2017, the city’s energy storage project is a cornerstone of Saudi Arabia’s “Vision 2030” initiative. Designed to provide Neom with 100% clean energy, the project, once completed, is expected to generate up to 650,000 MWh of renewable energy per year, reaching zero carbon emissions, which is equivalent to a reduction of nearly 500,000 tons of CO2 emissions per year.

Saudi Arabia has set an ambitious goal: to increase the share of renewable energy in its national energy mix to 50% by 2030.

In recent years, China has undertaken a large number of green projects with other countries, bringing its expertise and experience in renewable energy to these countries and promoting the green and sustainable development of the global economic governance system.

On Monday, at the second session of the 19th G20 Summit on the reform of global governance institutions, Chinese President Xi Jinping emphasized the importance of building a fair and equitable global governance system, calling on G20 members to improve global economic governance, global financial governance, global trade governance, and global digital governance in order to build an open, innovative, green, and stable global economy.

China has been a staunch advocate of free trade and globalization and has always stood by developing countries, giving them development capabilities through various initiatives, such as the Belt and Road Initiative (BRI).

In 2013, China launched the BRI to promote economic growth and connectivity among participating countries. Since its inception, over 150 countries and 30 international organizations, mainly from the developing world, have signed cooperation agreements with China.

By building key infrastructure such as railways, highways, ports, power grids, and communication networks, the BRI has significantly improved the infrastructure of developing countries, thereby enhancing trade efficiency and facilitating industrial modernization. The initiative has also generated significant employment and economic growth opportunities while promoting sustainable development through technology transfer and capacity building, thus making a lasting contribution to inclusive global economic progress.

Additionally, China has also launched the Asian Infrastructure Investment Bank (AIIB) as an open and inclusive platform for international financial cooperation. Official data shows that since its establishment, the AIIB has financed over 200 projects in more than 30 countries, with a total investment exceeding $40 billion, focusing on sectors such as transportation, energy, water management, and urban development. By providing stable long-term financing, the AIIB has improved infrastructure, supported green energy transitions, combated climate change in developing countries, and contributed to a fairer and more equitable global economic system.

“Global security governance is an integral part of global governance. The G20 should help the UN and its Security Council play a more significant role and support all efforts conducive to the peaceful settlement of crises,” Mr. Xi said at Monday’s meeting.

He called on the G20 to defuse the Ukrainian crisis, urge all parties in the Middle East to cease fire and stop fighting, and provide support to alleviate the humanitarian crisis and post-war reconstruction in the region.

China plays a constructive role in global security governance by proposing initiatives, mediating conflicts, and promoting dialogue. For example, in 2022, China launched the Global Security Initiative, advocating for a security framework based on the UN Charter and emphasizing cooperation, sustainability, and dialogue to address traditional and emerging security challenges.

In response to the Ukrainian crisis, China presented a 12-point proposal to end the conflict in Ukraine, emphasizing respect for sovereignty, a ceasefire, and opposition to nuclear threats. In partnership with Brazil and other countries of the Global South, China also launched the “Friends for Peace” group to facilitate diplomatic solutions and promote dialogue.

In the Middle East, China played a mediating role in the reconciliation between Saudi Arabia and Iran in 2023, helping the two countries restore their diplomatic relations and contributing to regional stability. China’s efforts have demonstrated its determination to resolve disputes through dialogue and its commitment to long-term global peace and stability.