China's solution to solving four deficits in global governance

Note: The following article is taken from the Chinese-language "Commentaries on International Affairs".

Speaking at the closing ceremony of a global governance forum during his state visit to France on Tuesday, President Xi Jinping asked all countries to make concerted efforts to work together to shape the future of mankind in the face of severe global challenges.

President Xi Jinping, French President Emmanuel Macron, German Chancellor Angela Merkel, and European Commission President Jean-Claude Juncker attend the closing ceremony of a global governance forum co-hosted by China and France in Paris, on Tuesday, March 26, 2019. [Photo: Xinhua/Ju Peng]

President Xi said that "four deficits" need to be solved in order for these challenges to be addressed. He called for fairness and reasonableness to address the governance deficit, consultation and understanding to address the trust deficit, joint efforts and mutual assistance to address the peace deficit, and last but not least, mutual benefit and win-win cooperation to address the development deficit.

The call comes as the world undergoes major changes rarely seen in a century. Emerging markets and developing countries are rising economically, contributing four-fifths of global economic growth according to the International Monetary Fund, and accounting for two-fifths of global GDP. Novel business models born from a new round of scientific and technological progress and industrial reform are injecting new energy into the transition from traditional industries to those of the new industrial revolution.

At the same time, unilateralist and protectionist sentiments are mounting, support for multilateralism and the globalized trading system is waning, and non-traditional security threats such as terrorism, the refugee crisis, and climate change are creating new uncertainties and instability.

It is in the face of these challenges that President Xi made his proposals for a way forward. He said that the key to solving the governance deficit is extensive consultation and ensuring that the benefits of development are shared. To address the trust deficit, President Xi spoke of the need for dialogue in order to find common ground, increase strategic trust, and reduce mutual suspicion.

When it comes to the peace deficit, the president said the key lies in embracing a vision of global security that is comprehensive, cooperative, and sustainable. This will require discarding the Cold War mentality and settling conflicts through peaceful ways. He also called for the pursuit of innovation-driven, well-coordinated, and interconnected development that is based on the principles of fairness and inclusivity, so that people from across the world could share the benefits of economic globalization and solve the development deficit.

Among the four deficits the president brought up, three were first mentioned in 2017 at the Belt and Road Forum for International Cooperation, while the issue of the trust deficit was mentioned for the first time at the Paris meeting. It's not hard to see why: Whether it is the escalating global trade frictions or the multitudes of geopolitical conflicts, the root cause lies in a lack of trust. When zero-sum and Cold War mentalities prevail, it's easy to forget that we all have to share this one small planet together - and its future is our shared future.

President Xi's speech resonated with the European leaders who were present. Shortly after the forum, President Emmanuel Macron wrote in a tweet that the European Union and China are working together to address global challenges. European Commission President Jean-Claude Juncker said that Europe and China have a shared willingness to establish a closer partnership. German Chancellor Angela Merkel, who made a special trip to attend the event, proposed a meeting of leaders of Europe and China next year. She said that Germany and China have broad common interests, and that Germany is willing to actively participate in the second Belt and Road Forum for International Cooperation next month and looks forward to making full use of the market opportunities brought about by China's further opening up. And at the ongoing Boao Forum for Asia in China, Michele Geraci, Italy's undersecretary of state for economic development, said that two more G7 countries are planning to follow in the footsteps of Rome and take part in the Belt and Road Initiative.

The world is at a crossroads. Its leaders need to choose between cooperation and confrontation, or openness and isolation. The European Union is moving in the right direction, and China is right there beside it.