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Abstract The coconstructing of the Belt and Road Initiative (BRI) is an international practice guided by a new concept of global governance, which helps lead and shape a new order of global governance. As an important concept in international political economy studies, the global governance refers to the process of solving global issues by utilizing international mechanisms. Based on the analytical framework of international political economy of the wealthpowersocial purpose nexus, this paper analyses the role of the Belt and Road Initiative in the global governance, and assesses its influence on international order from a different perspective. The aim of this study was to develop a new conceptual framework to better understand the relationship between the BRI and global governance.
There are three major findings in this paper. Firstly, the research found that the coconstruction of the BRI has promoted a more balanced division of labor in global value chains, and improved the position of developing countries in international production network and distribution of global wealth. Secondly, the research showed that the BRI has not only strengthened China’s structural power in security, production, finance and knowledge, but also promoted the diffusion and transfer of structural power among participating countries. Thirdly, the research revealed the nature of the BRI, which is committed to help build a global community of shared future, to reverse the recent tendencies of deglobalization, and to form reglobalization. These findings add to a growing body of evidence that suggests the gradual shift of center of global power from west to east, providing deeper insights into how the BRI operates to improve the existing international political and economic structure through policy coordination, connectivity of infrastructure, unimpeded trade, financial integration and peopletopeople ties.
Furthermore, in terms of its implementation, the BRI upholds multilateralism with core principle of peaceful coexistence, amity, sincerity, mutual benefit, and inclusiveness, calling for the actively adoption of approaches such as dialogue, effective communication and policy coordination to overcome difficulties and challenges in a collective action. As a result, the BRI has helped to increase the voices of developing countries in global governance through the establishment of discursive power over international regimes. More importantly, the BRI offers new solutions for global governance which are both inclusive and pragmatic, featuring Chinese wisdom and Chinese solutions for addressing global issues. In conclusion, the BRI has made a significant contribution to deepening regional cooperation, boosting global economy, and constructing a fairer and more equitable global governance system, which will take humanity to a better future.
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