The Logical Framework and Practical Strategy of Xi Jinping’s Important Discourse on Economic Globalization

At a time when the changes unseen in a century are accelerating, economic globalization is at an important historical turning point. The traditional model of globalization under the rule of neoliberalism has brought about difficulties such as the gap between rich and poor, the development divide, and the debt crisis, while anti-globalization waves such as unilateralism and protectionism have led to problems like trade disputes, decoupling and severing supply chains, and governance deficits. This dual predicament signals that economic globalization urgently requires a paradigm shift, moving beyond the binary logic of “laissez-faire” and “closed conservatism” toward a new phase that is more dynamic, more inclusive, and more sustainable. Since entering the New Era, the Party Central Committee with Comrade Xi Jinping at its core, grounded in the need to resolve global development deficits and governance dilemmas and focused on building a community with a shared future for mankind of universal prosperity, has formed Xi Jinping’s important discourse on economic globalization in the practical process of advancing high-standard opening up and international cooperation. From President Xi Jinping’s systematic exposition of China’s propositions on economic globalization at the World Economic Forum in 2017, to General Secretary Xi Jinping’s explicit call at the Central Conference on Work Relating to Foreign Affairs in 2023 to build a universally beneficial and inclusive economic globalization, this theory has achieved an elevation from conceptual initiatives to institutional design, providing a Chinese solution for the world economy to escape its structural predicament. This article aims to comprehensively analyze the logical framework of Xi Jinping’s important discourse on economic globalization, deeply elucidate its historical perspective, systematic thinking, goal orientation, governance pathways, and cooperative philosophy, and strive to reveal its theoretical contributions and practical value in transcending the traditional model of globalization and constructing a new order for economic globalization.

I. Examining the Process and Laws of Economic Globalization from a World-Historical Perspective

General Secretary Xi Jinping’s diagnosis of economic globalization is not focused

1. Economic globalization is the historical inevitability of the development of productive forces and scientific-technological progress

Analyzed from a historical perspective, the emergence of economic globalization is no accident but is rooted in the development of productive forces and the impetus of scientific-technological revolutions. Historical materialism holds that “only with this universal development of productive forces can people’s universal intercourse be established,” and that with the development of productive forces and the expansion of universal intercourse, “the former local and national self-sufficiency and isolation are replaced by universal intercourse and universal dependence among all nations.” [1]1 Xi Jinping, “Jointly Shoulder the Responsibility of Our Times, Promote In short, the evolution of economic globalization follows a clear logical chain: technological breakthroughs — leaps in productive forces — expansion of the space for intercourse.

Since modern times, every scientific revolution and technological innovation experienced by humanity has promoted the cross-border flow of factors of production and the global expansion of economic activities, laying a deep material and technological foundation for economic globalization. On this point, General Secretary Xi Jinping summarized: “Economic globalization is the objective requirement of the development of social productive forces and the inevitable result of scientific-technological progress; it is not something artificially created by any people or any country.” [2]2 Xi Jinping, “Jointly Shoulder the Responsibility of Our Times, Promote Global Development” (keynote speech at the World Economic Forum Annual Meeting 2017), *People’s Daily*, 18 January 2017. At present, a new round of scientific-technological revolution and industrial transformation is advancing rapidly. Disruptive innovations in new-generation information technologies such as big data, cloud computing, artificial intelligence, and blockchain are emerging continuously, driving iterative leaps in productive forces and the digital, intelligent, and green transformation of the world economy. This not only profoundly changes the mode of allocation of global factor resources, the pattern of industrial development, and people’s ways of life, but also opens up broader space for international economic cooperation and competition, injecting stronger momentum for development into economic globalization. On this point, General Secretary Xi Jinping pointed out: “It should be recognized that economic globalization conforms to the requirements of the development of productive forces and to the interests of all parties; it is the general trend.” [3]3 Xi Jinping, “Open Up a New Realm of International Cooperation and Create a New Situation of Mutual Benefit and Win-Win” (speech at the opening ceremony of the Boao Forum for Asia Annual Conference 2013), *People’s Daily*, 8 April 2013. Thus, the essence of economic globalization is the response to and realization of the demand for higher-level productive forces. Moreover, with the continuous development of productive forces and the sustained progress of science and technology, the space for human intercourse will continue to expand. Economic globalization, as the inevitable result of this process, will also continuously evolve to higher levels.

2. Economic globalization is an era process of deepening interdependence among countries

Economic globalization is not merely an economic phenomenon; it is a historical process in which multilateral ties among countries are continuously expanded and deepened. In General Secretary Xi Jinping’s view, economic globalization has gone through different periods of development since its emergence, and it is currently in a stage where “interdependence among countries has greatly strengthened, and economic globalization is evolving and developing rapidly.” [4]4 Xi Jinping, “Jointly Build a Community with a Shared Future for Mankind” (speech at the United Nations Office at Geneva, 18 January 2017), *People’s Daily*, 20 January 2017. With the deepening development of economic globalization, this “interdependence” is no longer confined to the economic sphere but has fully penetrated into multiple fields such as politics, culture, society, and even ecology. This not only greatly enriches the connotation and extension of economic globalization but also makes countries form an objective existence of a global community.

At the economic level, economic globalization promotes the deepening of the international division of labor and the formation of global industrial and supply chains, causing the economies of various countries to form a close connection of shared interests and shared responsibilities under the framework of globalization. In the precise division-of-labor system of the global value chain, the economic interests of developed and developing countries are also deeply integrated, and the global economic system presents a multi-layered, diversified mode of collaboration. However, the content of economic globalization is not merely “about economic interdependence.” [5]5 Robert O. Keohane and Joseph S. Nye, *Power and Interdependence* (1977). From the cultural and social levels, economic globalization greatly promotes exchanges and interactions among different civilizations and cultures, driving the pluralistic integration of global cultures. “Exchanges and mutual learning among civilizations are an important driving force for the progress of human civilization and the peaceful development of the world.” [6]6 Xi Jinping, “Carry Forward the Five Principles of Peaceful Coexistence and Build a Community with a Shared Future for Mankind” (speech at the Conference Marking the 60th Anniversary of the Five Principles of Peaceful Coexistence, 28 June 2014), *People’s Daily*, 29 June 2014. Therefore, economic globalization is not a purely economic activity but a multi-dimensional social practice, a process in which cultural, political, and social ties among countries are continuously enhanced. This objective situation of “highly integrated interests and mutual interdependence” provides a powerful endogenous driving force for the deepening development of economic globalization, pushing countries around the world toward a more efficient, closer, and more integrated direction.

3. Economic globalization is an irreversible historical trend

Since the 2008 international financial crisis, the global economic landscape has undergone profound changes. Some countries, based on dual political and economic considerations, have taken the opportunity to implement more stringent protectionism and more extreme isolationism, causing setbacks for economic globalization. On this point, General Secretary Xi Jinping pointed out: “Economic globalization has entered a stage of periodic adjustment. Some question it, some waver. It should be recognized that economic globalization conforms to the requirements of the development of productive forces and to the interests of all parties; it is the general trend.” [7]7 Xi Jinping, “Open

Specifically, the global network of interdependence makes it necessary for all countries to seek common development and universal security under a multilateral system. On the one hand, the global economic network and community of interests formed by globalization are already inseparable; almost all countries play important roles in this system and share its benefits. “To try to cut off the flows of capital, technology, products, industries, and personnel among national economies and to turn the vast ocean of the world economy back into isolated small lakes and streams is impossible and goes against the trend of history.” [8]8 “Ali Baba’s cave” and “Pandora’s box” are metaphors used by Xi Jinping to describe the dual nature of economic globalization, drawing on the story from *One Thousand and One Nights* and the Greek myth, respectively. On the other hand, when facing global problems, countries cannot avoid the need for international cooperation. At present, the world is undergoing changes unseen in a century, accelerating in evolution. Traditional security issues such as international conflicts and regional disputes, and non-traditional security threats such as terrorism, climate change, cybersecurity, and biosecurity, intertwine and overlap, affecting human survival and development. “No single country can solve the global problems facing humanity alone; global action, global response, and global cooperation must be carried out.” [9]9 The “trickle-down effect” is an economic theory suggesting that benefits for the wealthy will eventually “trickle down” to the rest of society; Xi Thus, “de-globalization” actions not only violate the objective laws of the development of human society and the common interests of the world’s people but also cannot effectively address complex global problems. Economic globalization, as a historical trend, is the inherent requirement of the increasing integration of the world economy and the practical need to deal with complex global problems. Therefore, economic globalization “is neither a subjective wishful pursuit of people nor something that people can arbitrarily stop.” [10]10 “Ali Baba’s cave” and “Pandora’s box” are metaphors used by Xi Jinping to describe the dual nature of economic globalization, drawing on Western folklore and Greek mythology respectively.

II. Grasping the Opportunities and Challenges of Economic Globalization with Systematic Dialectical Thinking

General Secretary Xi Jinping’s important discourses on economic globalization are a creative application and concrete deepening of Marxist contradiction theory to the issue of globalization, emphasizing that economic globalization is neither “Ali Baba’s cave,” which can release wealth without any cost, nor “Pandora’s box,” which can only bring risks and crises. The opportunities and challenges of economic globalization are interwoven in both directions; it is both an accelerator for the leap in productive forces and an amplifier of contradictions in the relations of production. Only by analyzing and steering it with systematic dialectical thinking can the “law of the unity of opposites” inherent in economic globalization be verified and transformed in practice.

1. Economic Globalization Injects Strong Momentum into World Economic Development

General Secretary Xi Jinping points out that “economic globalization is the engine driving world economic growth,” containing enormous development opportunities.

First, it promotes the optimal allocation of factor resources on a global scale and fosters world economic prosperity.

Economic globalization breaks the limitations of regional economic activities, promotes the deep integration and coordinated development of global industrial chains, supply chains, and value chains, and facilitates the free flow and optimal allocation of production factors (such as capital, information, labor, technology, etc.) on a global scale, achieving “great trade prosperity, great investment convenience, great personnel mobility, and great technological development,” thereby forming a diversified, decentralized, and specialized international production and trade system. In this process, countries, relying on open market structures, continuously consolidate and strengthen their respective comparative advantages, establish complementary cooperative relationships, effectively enhance the overall efficiency of the world economy, and lay a solid foundation for the comprehensive growth and long-term prosperity of the global economy.

Second, it provides important impetus for the development of the Global South and promotes a more balanced international balance of power.

II. Grasping the Opportunities and Challenges of Economic Globalization with Systemic Dialectical Thinking

Xi Jinping’s important discourses on economic globalization are a creative application and concrete deepening of Marxist contradiction theory to the issue of globalization, emphasizing that economic globalization is neither “Ali Baba’s cave,” which can release wealth without any cost, nor “Pandora’s box,” which can only bring risks and crises. The opportunities and challenges of economic globalization are interwoven in both directions; it is both an accelerator of the leap in productive forces and an amplifier of contradictions in the relations of production. Only by analyzing and steering it with systemic dialectical thinking can the “law of the unity of opposites” inherent in economic globalization be verified and transformed in practice.

1. Economic Globalization Injects Strong Momentum into World Economic Development

General Secretary Xi Jinping points out that “economic globalization is the engine driving world economic growth,” containing enormous development opportunities.

First, it promotes the optimal allocation of factor resources on a global scale and fosters world economic prosperity.

Economic globalization breaks the limitations of regional economic activities, promotes the deep integration and coordinated development of global industrial chains, supply chains, and value chains, and facilitates the free flow and optimal allocation of production factors (such as capital, information, labor, technology, etc.) on a global scale, achieving “great trade prosperity, great investment convenience, great personnel mobility, and great technological development,” thereby forming a diversified, decentralized, and specialized international production and trade system. In this process, relying on open market architectures, countries continuously consolidate and strengthen their respective comparative advantages, establish complementary cooperative relationships, effectively enhance the overall efficiency of the world economy, and lay a solid foundation for the comprehensive growth and long-term prosperity of the global economy.

Second, it provides important impetus for the development of the Global South and promotes a more balanced international balance of power.

General Secretary Xi Jinping believes that economic globalization makes “emerging market countries and developing countries face rare development opportunities.” First, economic globalization prompts Global South countries to gradually integrate into the global production system, becoming an important part of global industrial chains, supply chains, and value chains, greatly accelerating the industrialization and modernization process of these countries. For example, India and China, by actively integrating into economic globalization and utilizing their own factor endowment advantages to participate in the international division of labor, have rapidly risen to become important bases for world manufacturing development. Second, economic globalization promotes South-South cooperation and drives the coordinated development of the Global South. When facing common challenges, Global South countries, by sharing experiences, establishing collaborative mechanisms, and jointly voicing their positions, strengthen their common stance and coordination capacity in global affairs. Finally, with their economic rise, Global South countries gradually break their marginalized position in the traditional international political and economic system, significantly enhance their discourse power and influence, and become an important force driving the adjustment of the global economic structure and changes in the international balance of power, thereby “making the global development landscape more comprehensive and balanced, and making the foundation of world peace more solid and stable.”

Third, it makes the ties between countries and nations closer, aiding the construction of a community with a shared future for mankind.

General Secretary Xi Jinping points out that economic globalization makes “the degree of mutual connection and interdependence among countries unprecedentedly deep,” not only promoting international cooperation in the economic field but also building a cooperation platform for global cultural exchange, social connections, and ecological protection. In this context, the forms of international cooperation continue to expand and deepen, and mutual understanding and tolerance among different countries, regions, nations, and cultures have reached an unprecedented height. This close international connection promotes the popularization of the concept of multilateralism and the practice of collaborative governance models, providing an international platform and institutional guarantee for addressing common human challenges, and laying an important foundation for building a community with a shared future for mankind.

General Secretary Xi Jinping emphasizes, “In the face of both the opportunities and challenges brought by economic globalization, the correct choice is to make full use of all opportunities, cooperate to meet all challenges, and guide the direction of economic globalization.” [1]1 Xi Jinping, “Jointly Shoulder the Responsibility of Our Times, Promote It is undeniable that the economic globalization led by Western countries has many defects, but this does not mean that the trend of economic globalization is wrong or has failed. Wholly negating the current state of globalization, or even attempting to reverse this process, is not only unhelpful for solving the current problems facing the globe but may also exacerbate confrontation and conflict between countries. In other words, we must both profoundly reveal the crisis in relations of production and the global governance deficit caused by the disorderly expansion of capital, and also transform it through institutional reform to realize the adaptive evolution of economic globalization. To this end, it is necessary, through reasonable policy regulation and institutional innovation, to dissolve the negative impacts of economic globalization, release more positive effects, and lead economic globalization into a new stage that is more dynamic, more inclusive, and more sustainable.

III. Anchoring the Goals and Direction of Economic Globalization with the Vision of Universal Benefit and Inclusiveness

Facing the question of the times concerning where economic globalization is headed, General Secretary Xi Jinping has clearly pointed out the need to promote the building of an economic globalization that is universally beneficial and inclusive. An economic globalization with the vision of universal benefit and inclusiveness not only responds to the many cruxes of current economic globalization but also provides scientific guidance for building a new, just, reasonable, and sustainable world economic order.

1. “Universally Beneficial” Economic Globalization: Promoting the Realization of Common Development and Universal Prosperity

Universally beneficial economic globalization emphasizes the fairness of the distribution of benefits from economic globalization, the shared nature of scientific and technological progress, and the accessibility of global public goods. This concept aims to resolve the imbalances and inadequacies in development within the existing process of economic globalization, constructing a new type of global economic order with common development and universal prosperity as its core orientation. Its connotation can be grasped from the following three levels.

First, economic universal benefit.

Currently, the phenomenon of “winner-takes-all” within the global capitalist system is becoming increasingly prominent, and the uneven distribution of benefits from economic globalization has become one of the major contradictions in the current international economic order. General Secretary Xi Jinping clearly points out, “World prosperity and stability cannot be built on a foundation where the poor get poorer and the rich get richer.” [2]2 Xi Jinping, “Jointly Shoulder the Responsibility of Our Times, Promote Global Development” (keynote speech at the World Economic Forum Annual Meeting 2017), *People’s Daily*, 18 January 2017. In this context, “economic universal benefit” should be dedicated to restructuring the logic of benefit distribution in the global economic order, promoting a transformation of the global economic order from “efficiency first” to “equal emphasis on fairness and efficiency,” so that “different countries, different classes, and different groups of people can share the benefits of economic globalization.” [3]3 Xi Jinping, “Open Up a New Realm of International Cooperation and Create a New Situation of Mutual Benefit and Win-Win” (speech at the opening ceremony of the Boao Forum for Asia Annual Conference 2013), *People’s Daily*, 8 April 2013. Furthermore, the core of “economic universal benefit” lies in, through institutional innovation and rule reshaping, enabling different countries and different social groups to enjoy fairer development rights and benefit rights within the global economic system. Therefore, the fair distribution advocated by “economic universal benefit” is not a simple redistribution of resources, but rather a fundamental transformation of the economic development model through institutional change, thereby promoting the development of the global economic order from a Western-dominated, unilateral-benefit direction towards a more balanced, inclusive, and multi-win-win direction.

Second, technological universal benefit.

Currently, the digital revolution is constantly reshaping the global innovation landscape and restructuring the global economic structure. However, the application and popularization of these technologies are often concentrated in developed countries with highly concentrated technological resources and intellectual property rights, while developing countries face problems such as funding shortages, talent deficiencies, and inadequate infrastructure, making it difficult for them to benefit from global technological progress. In other words, “a new digital divide is forming.” [4]4 Xi Jinping, “Jointly Build a Community with a Shared Future for Mankind” (speech at the United Nations Office at Geneva, 18 January 2017), *People’s Daily*, 20 January 2017. Therefore, “technological universal benefit” aims to eliminate the digital divide and technological monopoly, achieve the global public nature and shareability of technological knowledge through systematic reform of the existing global technology governance architecture, and embed the process of technological innovation within the institutional logic of inclusive growth. This not only means a more equal and effective flow of scientific and technological resources between developed and developing countries but also requires establishing, within the process of economic globalization, an innovation diffusion mechanism with “sharing technological dividends” as its core orientation, to “enhance the fairness, effectiveness, and synergy of global development, and jointly oppose anyone engaging in technological blockade, technological divide, or development decoupling,” [5]5 Robert O. Keohane and Joseph S. Nye, *Power and Interdependence* (1977). thereby achieving the fair dissemination and universal benefit of global scientific and technological achievements, ensuring that global technological progress becomes a fundamental force driving common development.

Third, universal benefit of global public goods.

With the deepening development of economic globalization, the international community’s demand for global public goods has increased dramatically, “but the contradiction between the severe shortage of public goods supply and the strong demand is becoming increasingly prominent.” [6]6 Xi Jinping, “Carry Forward the Five Principles of Peaceful Coexistence and Build a Community with a Shared Future for Mankind” (speech at the Conference Marking the 60th Anniversary of the Five Principles of Peaceful Coexistence, 28 June 2014), *People’s Daily*, 29 June 2014. In response, General Secretary Xi Jinping emphasizes, “We welcome all countries, based on their own national conditions, to actively develop an open economy, participate in global governance and the supply of public goods, and jointly build a broad community of shared interests.” [7]7 Xi Jinping, “Open Therefore, “universal benefit of public goods” means that when providing global public goods, the international community should transcend traditional unilateralism and utilitarianism, turning towards a global cooperation framework based on common interests, promoting the effective supply and fair distribution of public goods through “institutional fairness.” This shift emphasizes that the supply and distribution mechanisms of global public goods should be rooted in a deep institutional architecture of multilateral cooperation, equal consultation, and institutional guarantees, and that this institutional arrangement should achieve systemic balance in terms of subject rights and interests, fair burden-sharing, and long-term guarantees, thereby promoting the transformation of economic globalization from a unidirectional pattern dominated by the interests of a few countries towards a universally beneficial, balanced, and multi-governance institutional system.

2. “Inclusive” Economic Globalization: Supporting Countries in Following Development Paths Suited to Their Own National Conditions

Inclusive economic globalization embodies a new type of global economic governance concept with pluralistic coexistence and differential win-win as its core characteristics. Unlike “universal benefit,” which focuses on the fairness of benefit distribution in economic globalization, “inclusiveness” pays more attention to the recognition and acceptance of diverse development paths of different countries by the global economic order, advocating respect for institutional differences, civilizational diversity, and differences in ecological carrying capacity among countries, and promoting the stable and sustainable development of economic globalization within a pluralistic pattern. Its connotation can be understood from the following three levels.

First, institutional inclusiveness.

General Secretary Xi Jinping points out, “There is no single model of modernization that is set in stone, nor is there a one-size-fits-all standard for modernization.” [8]8 “Ali Baba’s cave” and “Pandora’s box” are metaphors used by Xi Jinping to describe the dual nature of economic globalization, drawing on the story from *One Thousand and One Nights* and the Greek myth, respectively. While the economic integration and institutional connectivity promoted by economic globalization have brought many positive results, they have also exposed a tendency towards the homogenization of institutional models. In particular, the global expansion of Western-dominated institutional standards often overlooks the unique historical and social backgrounds of other countries. Overemphasizing the universality of a single model may cause many countries to fall into a state of maladaptation, imbalance, and insecurity during the process of economic globalization. Therefore, “institutional inclusiveness” is particularly important in the current context of economic globalization. “Institutional inclusiveness” aims to ensure that countries can choose development models and institutional designs suited to their own national conditions during the process of economic globalization, strengthen the autonomy of policy tools, so as to better realize the sustainable development of their national economies and the stable prosperity of their societies, thereby consolidating a diversified global economic system.

Second, civilizational inclusiveness.

In the current process of economic globalization, mainstream Western values often dominate the setting of economic rules, not only neglecting the impact of diverse cultures on economic behavior but also failing to fully consider the uniqueness of the social systems, development models, and value systems of non-Western countries. In response, General Secretary Xi Jinping points out, “Human history will not end with one civilization or one system.” [9]9 The “trickle-down effect” is an economic theory suggesting that benefits for the wealthy will eventually “trickle down” to the rest of society; Xi Therefore, promoting “civilizational inclusiveness” has become an important task in building economic globalization. On the one hand, “civilizational inclusiveness” emphasizes the recognition and value of the legitimacy of economic practices derived from non-Western civilizations, such as economic ethics, transaction models, property rights concepts, and financial systems, rejecting Western values as the sole value criterion for economic globalization; on the other hand, it requires the international community, when handling international affairs, not only to seek consensus on economic and technological levels but also to proceed from a cultural perspective, respecting the social systems, development methods, and value orientations of various countries, avoiding the one-size-fits-all imposition of a Western-dominated economic framework, thereby enhancing the sense of identification and participation of all countries in the global economic system.

Third, ecological inclusiveness.

In recent years, problems such as climate change, biodiversity loss, resource shortages, and environmental pollution have become prominent, posing a threat to the healthy and sustainable development of human society. In response, General Secretary Xi Jinping has stressed, “Industrialization has created

IV. Resolving the Dilemmas and Difficulties of Economic Globalization through Reform of the Global Governance System

General Secretary Xi Jinping has emphasized that “at present, economic globalization is encountering setbacks, which to a certain extent reflects the defects of the current global governance system.” [12]12 Xi Jinping, “Working Together to Steadily Advance Economic Globalization,” *Qiushi*, 2020, no. 24. The traditional global governance architecture, particularly the multilateral institutions based on the Bretton Woods system, effectively promoted global economic stability and development for a period after the end of the Second World War. However, with the continuous deepening of economic globalization and the adjustment and evolution of the global economic landscape, this system has exposed its inherent drawbacks, making it difficult to meet the needs of global economic governance in the new era. Therefore, building economic globalization urgently requires optimizing the global economic governance system from three aspects—adequacy, fairness, and efficiency—so as to provide sustained impetus and stable support for the coordinated development, fair cooperation, and efficient operation of the global economy.

1. Promoting the Construction of a More Enriched and Inclusive Global Economic Governance System to Cover Emerging Governance Issues That Constantly Arise

The current global economic governance system mainly focuses on transnational coordination in traditional economic fields. However, in the face of the rapid changes in the global economic situation, many new issues emerging in the process of economic globalization have gone beyond the scope of traditional governance areas such as trade, finance, and investment. Therefore, to respond to these constantly emerging new issues, the global economic governance system urgently needs to be expanded and deepened.

On the one hand, the global economic governance system must be extended to cover more emerging issues and establish effective governance mechanisms for these issues. For example, the emergence of multiple crises has made global industrial and supply chains particularly fragile, and “jointly building a global industrial and supply chain system that is safe, stable, unimpeded, efficient, open, inclusive, and mutually beneficial” has become an urgent task for global governance. [13]13 Xi Jinping, “Jointly Building an Open, Fair, Just, and Non-Discriminatory International Environment for Scientific and Technological Development,” *People’s Daily*, November 17, 2022. Another example is that with the advancement of the technological revolution, transnational technology companies and digital platforms have developed rapidly, requiring “the creation of universally accepted and effective rules for artificial intelligence, the digital economy, and so on.” [14]14 Xi Jinping, “Working Together to Steadily Advance Economic Globalization,” *Qiushi*, 2020, no. 24. These rules can be realized through the expansion of existing international institutions or the establishment of new multilateral platforms.

On the other hand, the global economic governance system needs to strengthen cross-domain governance capabilities. The complex problems brought about by economic globalization are often intertwined. The relationship between climate change, environmental protection, and economic development requires that global climate governance should not be limited to cooperation in the environmental field but should also involve coordination in economic policy, technological innovation, financial support, and other aspects. This requires the global economic governance system to transcend traditional single domains such as the economy, environment, and technology, forming more comprehensive cross-domain and cross-issue solutions. In short, the “adequacy” of the global economic governance system is not merely about strengthening and expanding within traditional economic fields but should also include improving the capacity for cross-domain and cross-issue governance. This transformation in adequacy will make the global governance system more adaptable, thereby providing more comprehensive institutional support for the in-depth development of economic globalization.

2. Promoting the Construction of a More Just and Reasonable Global Economic Governance System to Ensure the Fair Reflection of the Interests and Demands of All Countries

General Secretary Xi Jinping believes that the current global economic governance system suffers from a significant lack of fairness: “Over the past few decades, the international economic balance of power has undergone profound changes, yet the global governance system has failed to reflect the new landscape, and its representativeness and inclusiveness are far from sufficient.” [15]15 Xi Jinping, “Jointly Shouldering the Responsibility of the Times For a long time, the global economic governance system has been biased toward developed countries in terms of rule design, decision-making power allocation, and resource distribution, resulting in the interests and demands of developing countries not being effectively incorporated into the global decision-making framework. Therefore, the global economic governance system needs to be fairer, better reflecting the global North-South divide and the interests and demands of countries at different stages of development.

On the one hand, global economic governance mechanisms should achieve a fairer redesign in rule-making and decision-making power allocation. The decision-making mechanism of the global financial system relies on voting weights, which are mostly set according to the economic size and contributions of member states, allowing developed countries to dominate the rule-making and decision-making process. General Secretary Xi Jinping emphasizes that “countries, regardless of size, strength, or wealth, are equal members of the international community and should equally participate in decision-making, enjoy rights, and fulfill obligations. Emerging market and developing countries should be given greater representation and voice.” [16]16 Xi Jinping, “Working Together to Build a Community with a Shared Future for Mankind,” *Qiushi*, 2021, no. 1. Therefore, it is necessary to “carry out the World Bank shareholding review and promote the adjustment of the International Monetary Fund quota shares according to the timetable and roadmap agreed upon by all parties,” [17]17 Xi Jinping, “Working Together to Build a Community with a Shared Future for Mankind,” *Qiushi*, 2021, no. 1. and promote the entry of more representatives from developing countries into key positions, ensuring that the interests of these countries can be better expressed in the formulation of global financial rules.

On the other hand, the fairness of the global economic governance system should be reflected by enhancing the diversity and inclusiveness of global governance platforms. Global economic governance should not be limited to Western-dominated traditional institutions but should further expand more diverse and cross-regional governance institutions, creating more multilateral cooperation platforms oriented toward countries at different development levels, so as to accommodate and incorporate the voices of more countries and regions. Furthermore, global economic governance platforms should fully consider the global North-South gap and the different stages of development of countries, implementing the principle of differentiated responsibilities. For example, on the issue of climate change, developed countries should bear greater responsibility for emission reduction and provide necessary financial and technical assistance to developing countries, so as to alleviate the limitations and challenges faced by developing countries in addressing climate change. In short, to achieve fairness in the global economic governance system, profound structural reforms must be carried out in decision-making mechanisms, rule-making, and participation mechanisms. This reform is not merely a correction of existing injustices but also an inevitable requirement for achieving inclusive development of the global economy.

3. Promoting the Construction of a More Pragmatic and Efficient Global Economic Governance System to Adapt to the Constantly Changing World Economic Situation

General Secretary Xi Jinping points out that currently “the closure of mechanisms and the fragmentation of rules are very prominent,” [18]18 Xi Jinping, “Working Together to Build a Community with a Shared Future for Mankind,” *Qiushi*, 2021, no. 1. leading to problems such as slow decision-making and ineffective implementation in global governance. Some countries engage in double standards and exceptionalism, applying international law selectively—“using it when it suits them and discarding it when it does not”—further exacerbating the global governance deficit. To adapt to the constantly changing world economic situation, the global economic governance system needs to undergo profound reforms to improve work efficiency and enhance response capabilities. Specifically, the efficiency of global economic governance should be achieved through reforms in the following two aspects.

On the one hand, the global economic governance system should strengthen the decision-making mechanism for collective action. It must transcend narrow national interests and resolutely oppose attempts by individual countries to replace and subvert universally recognized international law and the basic norms of international relations with a “rules-based order.” “It is necessary to uphold the international system with the United Nations at its core, uphold the international order based on international law, and uphold the multilateral trading system with the World Trade Organization at its core,” [19]19 Xi Jinping, “Working Together to Build a Community with a Shared Future for Mankind,” *Qiushi*, 2021, no. 1. so as to uphold and practice true multilateralism, build consensus, enhance collective action in global economic governance, achieve the optimal allocation and integrated utilization of governance resources, and effectively improve the effectiveness of global economic governance.

On the other hand, the global economic governance system should simplify decision-making processes and enhance response speed. The existing governance system usually relies on cumbersome multilateral negotiations and long-cycle decision-making procedures, and is often delayed by differences in the interests of various countries and complex political games. However, changes in the global economic situation are often rapid and complex. This makes it difficult for the global governance system to provide timely and effective response plans when encountering crises and emergencies. To address this problem, the global economic governance system should optimize its organizational structure, strengthen the flexibility and real-time nature of decision-making mechanisms, and avoid falling into cumbersome decision-making procedures when crises occur. For example, specific “emergency decision-making bodies” or “crisis response teams” could be established to respond quickly to global

V. Promoting the Coordination and Development of Economic Globalization through Building Global Partnerships

The construction of economic globalization cannot be separated from the coordination and cooperation of multiple international actors. General Secretary Xi Jinping points out, “Cooperation is the only way to get major things done, get good things done, and get lasting things done. Developed countries must fulfill their obligations, developing countries must deepen cooperation, and the North and the South must move toward each other to jointly build a global development partnership featuring solidarity, equality, balance, and inclusiveness,”[16]16 Xi Jinping, “Working Together to Build a Community with a Shared Future for Mankind,” *Qiushi*, 2021, no. 1. effectively promoting the transformation of economic globalization from vision to reality.

1. Creating a New Model of North-South Cooperation

In current global economic governance, the North-South gap and development imbalance remain one of the prominent contradictions. To effectively address this challenge, it is necessary to transform the traditional “North-South” relationship model and promote the formation of a new model of North-South cooperation that is more equal and inclusive. This model is not only a key component of global economic governance reform but also an important foundation for promoting the effective operation of global development partnerships.

In terms of institutional design, the new type of North-South cooperation should strengthen the principle of joint decision-making and implementation, so as to truly achieve parity of actors in the governance process and a balance of interests in governance outcomes. The traditional model of North-South cooperation, dominated by Western countries, tends to unilaterally export development concepts and governance standards, neglecting the actual needs and interest demands of developing countries, thus leading to the limitations of cooperation effectiveness. Therefore, “we must adhere to the global governance concept of extensive consultation, joint contribution, and shared benefits,”[17]17 Xi Jinping, “Working Together to Build a Community with a Shared Future for Mankind,” *Qiushi*, 2021, no. 1. integrating the multilateral governance concept of “consultative decision-making” into the institutional design of global governance, ensuring through institutionalized channels that developing countries have full participation and voice, thereby achieving compatibility and synergy between the development strategies of both sides. It is necessary to promote a strategic shift in North-South cooperation from an “aid-oriented” to an “empowerment-oriented” approach. “Helping developing countries develop and narrowing the North-South gap are the responsibilities and obligations that developed countries should undertake.”[18]18 Xi Jinping, “Working Together to Build a Community with a Shared Future for Mankind,” *Qiushi*, 2021, no. 1. However, for a long time, the traditional North-South aid framework has overly focused on external financial or material assistance, neglecting the cultivation of endogenous momentum for the structural transformation of the host country’s economy, resulting in a sustained dependence of developing countries on aid. Therefore, under the new model, North-South cooperation should place greater emphasis on enhancing the independent innovation capacity of developing countries in the global value chain, promoting the upgrading of their industrial structures, and making cooperation a true catalyst and driving force for the economic self-renewal of developing countries. Only in this way can the unbalanced pattern of global development be fundamentally changed, and the inclusiveness and sustainability of global economic cooperation be achieved.

2. Constructing a New Architecture for South-South Cooperation

Currently, the connotation and form of South-South cooperation are undergoing profound changes. Constructing a systematic architecture for South-South cooperation will not only help achieve mutual benefit and win-win outcomes among Southern countries but also promote the “Global South” to play a greater role in the global economic governance system.

On the one hand, the construction of a new South-South cooperation architecture must be based on strategic coordination that accounts for differences in development stages. The past model of South-South cooperation was too general and broad, failing to deeply consider the heterogeneity among countries in terms of development stages, resource endowments, and institutional environments. For example, some countries may have urgent needs in infrastructure construction, while others are more concerned with industrial structure upgrading and cooperation in high-tech fields, leading to difficulties in implementing some cooperation outcomes or low efficiency. Therefore, a “differentiated cooperation mechanism” based on precise assessment of national capabilities and needs should be established. By implementing customized strategic plans that balance multiple objectives such as infrastructure construction, industrial chain restructuring, technological innovation, and capacity building, a more precise and efficient collaborative path can be formed, ensuring that all parties can maximize resource utilization efficiency and optimize cooperation outcomes.

On the other hand, the systematization of the new South-South cooperation architecture also requires the establishment of long-term, institutionalized funding and governance guarantee mechanisms. Past South-South cooperation has mostly focused on temporary or short-term projects, lacking stable institutional and financial support, which has greatly limited the depth and breadth of South-South cooperation. In this regard, General Secretary Xi Jinping emphasizes, “Strengthening South-South cooperation requires strengthening institutional building.”[19]19 Xi Jinping, “Working Together to Build a Community with a Shared Future for Mankind,” *Qiushi*, 2021, no. 1. Through the collective efforts of Global South countries, it is necessary to build regional or cross-regional stable cooperation platforms and establish corresponding cooperation funding mechanisms to ensure the realization of long-term cooperation goals. At the same time, institutional innovation in South-South cooperation should be further promoted. Through the standardization and transparency of governance, the credibility and implementation efficiency of South-South cooperation can be enhanced, thereby effectively improving the sustainability and long-term benefits of the South-South cooperation architecture.

3. Improving the Mechanism for Sharing Benefits between Multinational Corporations and Host Countries

Multinational corporations are powerful drivers of economic globalization and important forces in promoting the construction of an open world economy. They not only facilitate the optimal allocation of global capital, technology, and industries but also profoundly influence the structural transformation and development path of host country economies. However, in recent years, the imbalance of interests between multinational corporations and host countries has become increasingly prominent, specifically manifested in the high repatriation of profits by multinational corporations while host countries receive insufficient benefit sharing, low localization leading to insufficient technology spillovers, and negative externalities of multinational investment on the local ecological environment. These problems not only exacerbate economic and social contradictions within host countries but also weaken the overall recognition and sustainability of economic globalization. Therefore, to better coordinate the coordination and cooperation of multiple actors in the process of economic globalization, a fairer, more transparent, and more sustainable mechanism for sharing benefits between multinational corporations and host countries can be constructed from three dimensions: evaluation criteria, participation models, and profit distribution, so as to better promote the balanced development and sustainable growth of the global economy.

First, at the level of the investment evaluation system, comprehensive evaluation criteria centered on “local economic contribution – technology spillover effect – ecological environment impact” should be formed. This standard shifts from the previous narrow perspective that solely focused on economic returns or investment scale, instead emphasizing the broader interactive effects between multinational corporations and the host country’s economy and society, guiding multinational corporations to align their own interests with the development needs of the host country to achieve long-term win-win outcomes.

Second, in terms of participation methods in the global value chain, a “chain-leader guidance model” should be established, enabling local enterprises in the host country to gradually improve their position in the global industrial chain. Under this model, the role of multinational corporations in the global value chain is no longer limited to being exporters of capital and technology; they should become an important driving force for the upgrading of the host country’s industrial structure and capacity building, actively promoting the extension of local enterprises into high-end areas of the value chain, ultimately driving the improvement of the overall competitiveness of the host country’s industry.

Third, in the mechanism of interest distribution, exploration should be made to establish a shared institutional arrangement for reinvesting excess profits into local development, guiding multinational corporations to reinvest a portion of their operating profits into areas such as infrastructure, social services, education and training, and ecological protection in the host country. This type of reinvestment not only contributes to the accumulation of local economic and social resources but also facilitates the integration of sustainable business operations with social responsibility, achieving a dynamic balance between corporate profit growth and the long-term development of the host country.