China and the World: Assessment and Prospect of the 'Post-Crisis' Era (Angang Hu)


There have appeared four obvious trends in the present global development: economic globalization, ICT revolution, growing diversification of the world and green industrial revolution. Side by side are two new interactive developments: first, the demand for global public goods (including global security, global ecological environment, measures against global climate change and global public health) is growing daily, but there is an acute shortage of supply; second, the global governance system has failed due to irrational international economic and political order, with the present United Nations and other international organizations unable to deal with international crises and/or global financial crisis and in bringing an agreement on global climate change to pass. The sustained impact of the current global financial crisis has slowed down the economy of major world powers. Big fluctuations are likely in the rehabilitative growth period; the global financial market and the primary product market and the global order are facing great adjustment and big turn. The traditional international political and economic system is gradually working lose to give way to a new international governance mechanism. International political and economic situation remains very complicated, with uncertainties, instability and insecurity still on the rise. But globalization is irreversible and China will play an increasingly greater role in shaping the world order and will undertake greater responsibilities of providing global public goods and global governance.

New development opportunities will also be offered to China: first, the opportunity of becoming a promoter of trade liberalization, investment liberalization and convenience of services by participate in economic globalization in all respects; second, the opportunity of becoming a model in green development by making joint efforts to cope with global climate change crisis; third, the opportunity of playing a leadership role by getting involved in constructing a new global governance system; fourth, the opportunity of becoming a new innovative country by participating in the fourth (green) industrial revolution. When viewed from the modern world history, never before had the world so needed China as today;3 never before had China so needed the world as today. The Chinese leadership must shift from the position of passive coping and participation to a stance of active participation and even leading the global and regional affairs.

Working Paper