A Chinese Perspective Study On The Institutional Discourse Power Of Global Economic Governance

The 2008 global financial crisis exposed many problems of global economic governance systems,and it started to promote the historical transition from Western-dominated governance to the co-governance of Western and Eastern countries.With the enhancement of the economic strength,emerging economies have been calling for improving their representation and voice in global economic governance mechanisms.As the pioneer of emerging economies,China has shown its strength after the 2008 financial crisis,and its leaders has been calling for improving the representation and voice of emerging economies so many times in many occasions,and proposed that China should improve its discursive institutional power at the 18 th Plenary Session.China has taken two paths to improve its discursive institutional power.On one hand,it improves it within original formal and informal organizations,such as International Monetary Fund,World Bank,World Trade Organization,G20,BRICS,ect.On the other hand,it tries another paths to establish new institutions as Chinese proposed,such as the Belt and Road Initiative,the Silk Road Fund,and the establishment of Asian Infrastructure Investment Bank.Enhancing institutional power of global economic governance was first proposed at the 18 th Plenary Session in 2015.Currently,there is no commonly accepted definition of this term.Through the combination of Foucault’s study on the Discourse and the study of Discursive Institutionalism,with the analysis of the relationship between discourse and institutional power,global institutions and institutional power,the design of global institutions and institutional power,this paper defines the concept of institutional power.Namely,institutional power is the kind of power which is based on the economic power of parties,with formal and informal international institutions as platforms,exerting influence and leadership on other actors.The influences and leadership is shown in the following three aspects:the safeguard of global institutions,the participation of decision-making,the establishment of new institutions.As to the definition of institutional power of global economic governance,it means that so sovereign states and institutions they established are the main actors,with formal and informal global institutions as platforms,they try to solve current global economic issues and exert influence and leadership according to their economic power in the three aspects.Namely,the safeguard of global institutions,the participation of decision-making process,the establishment of new institutions.This paper focuses on the study of the institutional power of formal and informal economic institutions,namely with IMF、WB and WTO as representatives of formal economic in institutions,these three institutions are representative institutions of global monetary governance,global finance governance,global supervision governance,global tradegovernance.Besides,it also includes informal institutions,such as G20 and BRICS,as well as the Belt and Road Initiative,the Silk Road Fund and the AIIB.Since Reform and Opening-Up,China has been undergoing three phases of its global economic governance.From 1980 to 2001,China went through the staring period.From 2001 to 2009,China went through full participation period.Since 2009 to present,China is in the period of active leadership.Particularly at the third period,China has been beginning actively calling and explicitly proposed that China should improve its discursive institutional power.China has been calling for increasing its quota and voting power at the IMF and WB,actively participating and setting agenda at G20,propelling Doha Round and Basel III,promoting its currency standing in currency basket.Besides,China has also contributed its proposals to international society.For instances,the Belt and Road Initiative represents the concept of joint discussion,joint establishment and share.AIIB and the Silk Road Fund will provide more capitals to Asian and other developing countries for their infrastructure investment.China has achieved some progress in its participation of institutional power of global economic governance.Since the 18 th National Congress of the Communist Party,Chin has proposed following visions.Pursuing neighboring diplomacy of kindness,honesty,sharing and inclusiveness,as well as the grand diplomacy with Chinese characteristics.Propelling the reform of global economic governance systems,adhering to the win-win cooperation,building a community of common destiny.In the process of its participation of global economic governance,China is showing the following new ideas,such as innovation,joint discussion,joint establishment and sharing,open-minded and inclusiveness.China is taking the following routs to participate in global economic governance:safeguarding rational global economic governance institution,promoting the reform of global economic governance system,enhancing institutional power of global economic governance.With the research of related documents,this paper will give a systematic explanation and analysis to the above ideas and visions.What needs to be pointed out is that,China is still faced with many challenges in its improvement of discursive institutional power of global economic governance.The challenges are de-globalization and the resurgence of populism,the deficit and fragmentation of global economic governance,the control of the United States,the internal conflicts of emerging economies,the uncertainty of global and Chinese economy,etc.Therefore,two paths should be taken to improve China’s discursive institutional power of global economic governance.Firstly,it should improve within original international institutions,detach an objective view of globalization,and deal with Sino-U.S.economic relations rationally.It should further call for the reform of representation and voice at the IMF and WB,promote the conclusion of the DohaRound negotiation as early as possible.China should complete the institutionalization of G20,increase its capacity of agenda-setting,cultivate talents of global economic governance,tell the story of China’s participation of global economic governance,ect.Secondly,China can take other paths to establish new institutions.For instance,according the theory of the Design of Rational Global Institutions,we can design how to establish Free Trade Agreement of Asia-Pacific.With EFSB as an example,we can come up with the design of the establishment of AFSB.Enhancing the top design of the Belt and Road Initiative,promoting cooperation of countries along the route.Improving risk assessment,increasing interaction among the AIIB,the NDB,CRA,and the Silk Road Fund,enhancing the top design of AIIB and New Development Bank.With the Belt and Road Initiative,the AIIB,the New Development Bank and the Silk Road Initiative as platforms,we can promote the regionalization and globalization of RMB.