A Study On Global Emerging Public Goods

As a product of global governance,public goods have developed rapidly since World War II.As the main builder of the Bretton Woods system and the only superpower after the Cold War,the United States has long been in charge of the supply and maintenance of global public goods.However,since the 2008 global financial crisis,U.S.'s capacity and willingness of supply of global public goods have demonstrated a marginal diminishing trend;accordingly,the global public products dominated by the U.S.have increasingly experienced problems such as lack of functions and insufficiency of capabilities.Especially since the Trump administration took office,the U.S.has adopted a series of foreign policies with strong protectionism and unilateralism,which has exacerbated the global governance deficit.On the other hand,many complex issues,such as poverty aggravation,climate change,environmental pollution,financial turmoil and trade friction,have also raised new challenges to global governance.There is an urgent need for major countries to take up international responsibilities and carry out bilateral or multilateral cooperation.The global governance deficit and the imbalance between supply and demand of public goods call for the emergence of new public goods.Infrastructure construction,a long-term restriction on economic growth and welfare improvement in developing countries,has become one of the most prominent problems in the field of global governance.There is an urgent need to increase institutionalized international investment and enhance the viability of developing countries to change the backward economic situation of developing countries.China,as the world's second largest economy and an important participant in the public goods system,while actively promoting the reform of global economic governance,has proposed the establishment of a "community of human destiny" and the "Belt and Road" initiative.In addition,China is committed to reducing the gap between the North and the South as well as that between the rich and the poor,and promoting the sustainable development of human society.Moreover,China has led the creation of emerging public goods represented by the Asian Infrastructure Investment Bank(AIIB),and participated in global economic governance as the rule maker and largest shareholder for the first time in the process of leading global economic governance reform.This thesis takes the global emerging public products as the research topic,and the AIIB as the main research object.From the perspective of international political economy,the thesis systematically analyzes and studies the historical background,essential features,development status and the role of global emerging public goods in global governance,defines related concepts of global emerging public goods,using comprehensively literature research methods,interdisciplinary research methods,case research methods and comparative analysis research methods.This thesis extracts the basic logic of the global public product system reform and the transition mechanism from the old public product supplier to the new one;this thesis systematically analyzes China's ability as a major supplier of emerging public goods,summarizes the characteristics of the AIIB as a global emerging public product combining with its establishment background and operation development;this thesis also compares AIIB with the representatives of the existing public goods-the World Bank and the Asian Development Bank,and draws the conclusion that AIIB is a public product embodying China's new development concept and practicing the concept of the community of human destiny.Finally,returning to the perspective of realism,this thesis analyzes the development constraints and path choices faced by emerging public goods represented by AIIB under the framework of the existing international economic order.It also proposes relevant suggestions and prospects for China as the main guarantor of AIIB on how to strengthen its capacity building and international coordination in the global public goods supply system in the 21 st century.