Path Choice Of The Revolution Of Global Economic Governance

There are still many problems in global economic governance after the post-war Bretton Woods system,G7,G20 and other patterns.For example,what is the relationship between infrastructure investment and global economic governance? What is the relationship between global development finance and global economic governance and the formation of international economic order? The purpose of this paper is to lay a successful theoretical foundation of the governance path of “One Belt and one Road” which takes the Asian Infrastructure Investment Bank as the core,making use of the operation process and project analysis of the newly established Comprehensive Progressive Trans-Pacific Partnership(CPTPP)and Asian Infrastructure Investment Bank(AIIB).This paper analyzes the revolution of global economic governance,CPTPP and AIIB,based on the three theories of International Political Economy and the latest theory.The introduction of the first chapter raises the question of the title,and the summary of literature clarifies the relevant definitions.Research background,literature review and research method of the Paper will be explained in Chapter 1 “Introduction”.The discourse of global economic governance by the three theories of International Political Economy and the latest theory are organized for the first time,and the newly established CPTPP and AIIB are analyzed in this part too.Economic globalization is an inevitable trend,although there are some frustrations,it will not stagnate,or reverse.The acceleration of economic globalization raises stronger demand on global governance.However,the previous global governance system that is dominant by the developed countries,such as America,and takes WTO,IMF and other multilateral mechanisms as the center,cannot satisfy such demand any more,consequently,global issues triggered by economic globalization becomes serious day by day,and “adverse globalization” even becomes a popple of undercurrent at a time.In order to comply with the globalization trend and avoid globalization issues,global governance system must be reformed and improved,which is also the main content discussed in Chapter 2 of the Paper.An important trend of global governance reform is multilateral system and regional framework.In this process,great powers still take up the leading role,strive to realize maximization of their profits and appeals respectively,and thus incur strategic game around global governance reform path of main powers,especially America,EU,Japan and China,which is the main content discussed in Chapter 3 of the Paper.Of them,global governance reform path,history and reality of America,tradition and reform of EU,follow up and progress of Japan,contribution and surpassing of China are mainly analyzed.Strategic game around global governance reform path of main powers takes TPP/CPTPP and AIIB as cases,and is developed in Chapter 4 and Chapter 5.The game on global governance reform path among China,and America,Japan is mainly developed around TPP/CPTPP.Or say,the strategic advance and retreat around TPP/CPTPP concentratedly reflect the strategic game among China,and America,Japan on the layer of global governance reform path selection.The reason why the American Obama Administration spared no effort in boosting TPP,is that it laid its hope on “Two-ocean Strategy” with TPP included after the two multilateral mechanisms(WTO,IMF)that it relied on in the past can not maintain its control and even supremacy over global economic governance.Hence,it also required Japan to follow,and thus promoted Japan to initially adopt the strategy of passively following TPP participated by America under the background of strong disagreement of domestic interest groups in aspect of selection of global governance reform path.However,at the first day when Trump came into power,he announced that America highlighted TPP that it spared no effort in leading in the past,and also began to promote “Exit” strategy in other global governance mechanisms.Under such background,Japan changed its previous strategy of following America,but linked other 10 TPP members to promote TPP11 without America,that is,the so-called CPTPP.For such strategic position of America and Japan,how should China respond? It becomes an important strategic topic obviously,and it is also the core topic discussed in Chapter 4 of the Paper.Facing the global trend and historical trend of global governance reform,the most important choice of China is to put forward and spare no effort to promote the proposal of One Belt and One Road.Under the framework of the proposal,the greatest progress achieved so far is the successful starting and smooth running of Asian Infrastructure Investment Bank(AIIB).The main content of One Belt and One Road is “Five Communications”,that is,policy communication,facility communication,trade communication,fund communication and popular feelings communication.Of them,AIIB does not play an important function on facility communication,trade communication,fund communication obviously.What's more important,the core field of current global economic governance reform is reform of multilateral international financial institutions,AIIB points directly at the core obviously.However,America,Japan and European powers adopt completely different strategic responses towards China's sparing no effort to promote AIIB.European powers declare to participate as sponsor country,which becomes an important transition for AIIB starting process,but America and Japan still do not make it clear to participate and even take the posture of boycott.AIIB will still become an important field for China and America,Japan to develop strategic game in aspect of path selection of global governance reform.Chapter 5 of the Paper will be mainly developed around this field.Key conclusion and policy enlightenment obtained from the above discussions will be briefly summarized up in Chapter 6 “Conclusion”.