On The Role Of Emerging Economies In Global Economic Governance

With the deepening of economic globalization the world economy has experienced a transformation from “Dipolar" to "Multi polarization" at the end of 20 th Century. The rise of emerging economies has become the new trend of the world economy at the beginning of 21 st Century. The main group of global economic governance——the Summit of the "rich club" has exposed the problem of inadequate representation. It has wide representation and its governance is more effective because the members of the G20 include developed and emerging economies.This paper research the role of emerging economies in the global economic governance. The status of the developed economies in the world economy in decline because of the rise of emerging economies and Emerging economies powering the downturn in the world economy in the Post Crisis Era. The emerging economies demand more right to and they participate in global economic governance in practice of the establishment of the BRICS cooperation mechanism and the reform of international financial institutions. This paper will analyze and summarize the role and limitations of emerging economies in the global governance and then put forward suggestions. Due to the dominance of the world economic governance still rests in the hands of the developed countries and emerging economies also failed to grasp the right to speak which matches with their own strength. At the same time, it also has limitations: the extensive mode of economic growth, there are still differences between countries and so on. The road of emerging economies in the global economic governance is still long. Taking the largest emerging economies nation Chinese as case, this paper analyzes its practice and effect in the global economic governance. China actively preparing for the construction of the BRICS Development Bank, Asian infrastructure construction bank and other financial institutions and with the concept of "peace, development, cooperation, win-win" to explore the development model of regional integration of “One Belt And One Road” and it strive to create open Asia Pacific Economic Pattern. China should make efforts in many ways and play a greater role in global economic governance in the future.Emerging economies from the "Edge" to "Central" and they become a necessary subject for global economic governance. Relying solely on the ability of emerging economies is unable to create a new global economic governance system because world is still under the control of the old international governance mechanisms. The world today are more and more interdependent, "conflict and cooperation coexist" of emerging economies and western economy will exist for a long time. This paper argues that emerging economies is a necessary subject and an important participant for global economic governance. With the failure of America "Institutional hegemony ", emerging economies are not full-fledged, the group development is the trend in global economic governance, in future global economic governance development will move towards "Two Sticks" or “Two Nuclear ".