Practicing multilateralism and promoting global financial governance reform

International political figures and prominent scholars in international finance and macroeconomics stressed recently the need for multilateral cooperation and global financial governance reform, to address global economic challenges and advance China's modernization.

They made the remarks at a forum themed "Practicing multilateralism and promoting global financial governance reform", which was a sideline event of the 2024 Tongzhou Global Development Forum hosted by Renmin University of China in Beijing.

Han Seung-Soo, former prime minister of South Korea and president of the United Nations General Assembly's 56th session, warned that multilateralism is currently confronted with grave challenges, with existing multilateral organizations having structural constraints, necessitating a comprehensive reform to restore international confidence in them.

He said he believes that through collaborative global efforts, the world can move towards a more equitable, stable and prosperous international order. He also said China's economic transition is a prime example of the benefits that multilateralism can bring.

Speaking at the sub-forum co-hosted by the School of Finance and China Financial Policy Research Center at RUC, and organized by RUC's International Monetary Institute, Chen Weidong, general manager of the research institute affiliated with the Bank of China, stressed that inherent contradictions in global governance—such as the tension between unilateralism and multilateralism, and the imbalance between emerging markets and Western countries—are hindering the resolution of global challenges.

"Therefore, reforms to promote multilateralism in global financial governance are essential," Chen said.

Zhuang Yumin, dean of the School of Finance at RUC, advocated for strengthening regional cooperation in Southeast Asia and practicing multilateralism within the framework of domestic and international dual-circulation.

Yu Yongding, a member of the Academic Divisions of the Chinese Academy of Social Sciences, also urged China to continue facilitating the internationalization of the renminbi, uphold the authority of the International Monetary Fund (IMF) and other global multilateral institutions, and promote various forms of global financial cooperation.

Leng Zichun contributed to the story.