New global governance shifts the period of historic opportunity in China
In recent years, the new global governance trend has had a multifaceted impact on China’s development strategy. However, positive impact still makes up the central part of the overall influence, which has also affected the original content and conditions of existence in this period.
Extending China’s period of historic opportunity
If taken seriously and operated properly, the aforementioned new developments in the three areas of global governance are conducive to China's reform and opening up and could constitute a peaceful environment for socialist modernization. Apparently, the increased urgency of global governance will increase opportunities for China-U.S. cooperation. Urgent global governance will thus lead to a sense of community of human destiny, forcing countries to form expectations and consensus on the common cause of global governance, leading the United States to attach greater importance to the position of China in emerging countries, and to cooperate with China, who has greatly increased its national strength to deal with global crises. No matter how long the China-U.S. trade war will last, which started in 2018, the trend of cooperation cannot be fundamentally interrupted. The U.S.-Cliina alliance, driven by global governance, will undoubtedly greatly reduce the pressure on China from the United States’ Asia-Pacific rebalancing strategy, reduce the increasingly frequent strategic challenges launched by the United States and its allies in an attempt to curb China's rise, and. in particular, restore and develop a constructive partnership between China and the United States on such issues as the financial crisis, United Nations reform, world health governance, and the fight against international terrorism, thereby breaking the so-called "Thucydides Trap”.
Meanwhile, the increased demand for innovation in the global governance system has given China the institutional space to expand its development achievements. Institutional innovation in global governance is, in effect, a rebuilding of order and a reorganization of the rules system that should be open to emerging economies, such as China, which has greatly increased its comprehensive strength and will soon make up half of the world economy thus becoming the main force of innovation in the global governance system. While actively participating in global and regional governance, such as economy, security, and culture, emerging economies can contribute their own programs to the international community and easily be included in the new global governance program, thus making the international system and world order more equitable and reasonable. In this process, the greater the country’s international responsibility to provide more public goods to the international community, the more opportunities and space for development it will gain. China has declared to the international society that it will assume international responsibilities commensurate with its national strengths, has put its efforts into practice in such initiatives as the Belt and Road Initiative, and has taken the lead in creating international financing platforms such as the Asian Investment Bank and the Silk Road Fund, thus winning more opportunities and international recognition.
Last but not least, the multisubjective co-governance of international affairs will ease hegemonism and power politics. Hegemonism and power politics are still the main threats to the peaceful development of international society. China's diplomatic policies toward surrounding areas, developing countries, or major powers have all been constrained by the worry from and hostility of the U.S.-led camp and international power groups. Since the United States implemented the Asia-Pacific rebalancing strategy, it has gathered Japan and other allies to intervene in the South China Sea affairs and tried to disturb the cooperation between China, Japan, and South Korea. It is also unwilling to see close cooperation between China and other countries on issues such as global governance and the G20. However, new developments in global governance, while further undermining the authority of sovereign states, have also significantly weakened the hegemonic powers’ ability to control world affairs and their capricious power politics. Specifically, the plurality of global governance has promoted the multipolar development of global governance, fundamentally shaking the logic of hegemonic stability in which hegemonic states have sufficient capacity to control world
New developments in global governance 57 affairs. However, the era of global governance has deconstructed the basis of global power politics. Non-governmental organizations, proliferating transnational corporations, and a large number of emerging small- and medium-sized states cannot all become followers of hegemonic states, but instead objects and potential challengers that hegemonic states actually have to cooperate with, significantly delaying and hedging the various kinds of strategic actions of these allied states to contain China’s peaceful development. Consequently, this situation helped replace conflict and isolationism in the U.S. strategy toward China with cooperation because the two share multifaceted and many common interests in global governance.