China-Latin America Cooperation Provides Reference For Global Economic Governance

Recently, the seventy-first session of the UN General Assembly adopted a resolution, the China proposed "The Belt and Road" initiative of the guiding principles of cooperation to jointly build and share, for the first time into the global economic governance concept. This shows that the international community is becoming more and more recognized by the global view of governance, which is contributed by China. In retrospect of China's China and Latin America cooperation in recent years, the two sides are forming a new way of sharing and developing, thus promoting the improvement of the global economic governance system. Latin America's practice shows that emerging and developing economies face double pressures from the adjustment of traditional system and the lack of their own capabilities when they participate in global economic governance. The way out is to work through South South cooperation to form a joint force to promote the reform of the global governance system and to enhance its economic strength in cooperation. The concept of "co - commerce, co - construction and sharing" proposed by China shows equality, cooperation and win - win behind it. In November 2016, China issued second policy documents on Latin America, and put forward the cooperation vision to build Sino Latin American "destiny community", expanding the common interests of both sides in the global economic governance system. Second, the stagnation of multilateralism gives the new connotation of regional integration. In the developed countries "inward", global protectionism situation, China adhere to advocate the construction of an open world economy, Asia Pacific Regional Integration in Latin America to provide opportunities, conducive to the realization of regional trade integration, production integration and financial integration, also helps to reduce the regional economic polarization and participate in global economic activities fragmentation. Fourth, financial cooperation and innovation have improved the global financing environment. Latin America is facing double pressure of structural reform and sustained economic decline, with a large gap in capital. China's practice in improving global economic and financial governance has not only improved the participation level of developing countries, but also fundamentally improved the external financing environment, which has provided support for Latin American development. Facing the future, Sino Latin American cooperation helps to promote the integration of development interests of both sides. It is of great significance for the two sides to deepen international coordination and cooperation, and will set a good example for South South cooperation in the era of economic globalization. (source: Economic Daily Author: Yue Yunxia Zhang Yong of the Research Center for the theoretical system of socialism with Chinese characteristics of the Chinese Academy of Social Sciences)