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Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
Beijing, February 24 (Xinhua) — The global governance system "seriously ignores" the interests and needs of countries in the Global South, according to a report released Tuesday by the Xinhua Institute, a think tank affiliated with the Xinhua News Agency.
The rapid rise of the South is “the most striking characteristic of our times,” says the report, titled “Upholding International Justice and Coping with Global Turbulence—China’s Solution to Global Governance.”
"Today, the Global South accounts for over 40 percent of global economic output. It accounts for approximately 80 percent of global economic growth, becoming a key force in protecting international peace, promoting global development, and improving global governance," the report states. "Amid global changes unseen in a century, relations between East, West, North, and South are undergoing historic shifts characterized by a shift in relative power."
However, for a long time, the global governance system “has seriously ignored the interests and needs of countries in the Global South in agenda setting, rule making and resource allocation,” the document notes.
"Development issues in the Global South have been 'diluted,' blurred, or marginalized, leading to a marked lack of representation and systemic inequity," the document states. "In international economic organizations such as the IMF and the World Bank, the voice and influence of countries in the Global South on decision-making are significantly less than their share of the world's population and economic productivity."
“Developed countries tightly control the global value chain, keeping countries in the Global South at its lowest end,” the document says.
As emerging market and developing economies collectively rise, greater representation of the Global South and the redress of historical injustices have become “an inevitable trend of our time,” the report says. –0–
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