GDI and GSI: China’s New Propositionsfor Global Governance

Ouyang Xiangying*

Institute of World Economy and Politics, Chinese Academy of Social Sciences (IWEP-CASS), Beijing, China

Abstract: In the post-pandemic era, the global economic and security landscapes arefraught with complexities and uncertainties. Among them, four risk flashpoints meritattention: Certain countries are raising interest rates to subdue inflation, despite theiralready high levels of debt; the bulk commodities market is experiencing volatility, leadingto global turbulence and change; trade protectionism is at the forefront of major-powerrivalry in political and economic spheres; and regional security crises are compoundinginternational tensions. Behind those flashpoints are contradictions that obstruct world peaceand progress, including development imbalances, governance gaps, and structural tensionsin global security. In the face of uncertainties, it is crucial for China to seize strategicopportunities and transform crises into favorable situations. China has launched the GlobalDevelopment Initiative (GDI) and the Global Security Initiative (GSI) to contribute to globalprosperity and security. The two initiatives demonstrate China’s commitment to addressingglobal deficits in peace, development, security, and governance.

Keywords: Global Development Initiative (GDI), Global Security Initiative (GSI),

JEL Classification Code: F01

DOI: 10.19602/j.chinaeconomist.2024.09.06