The rise of the "Global South" has promoted the construction of a new international economic order

The rise of the countries of the "Global South" is gradually rewriting the international economic map and catalyzing a profound transformation of the global economic order. This historical process not only reflects the leap in the economic strength of developing countries, but also reflects the trend of diversification of the global power structure, and is an important embodiment of "re-globalization" that is inclusive, inclusive and balanced. Against this backdrop, the countries of the "Global South" are promoting the construction of a new international economic order that is more equitable and win-win in an unprecedented way.

Structural changes in economic power

Diversification of economic growth poles. According to the International Monetary Fund (IMF), the gross domestic product (GDP) of emerging and developing economies will account for 58.9% of the global economy in 2023, an increase of 7.6% from 2008, when it surpassed developed economies for the first time. From 2000 to 2023, the average growth rate of emerging and developing economies is 5.2%, which is 3.3% higher than the average growth rate of advanced economies. On the one hand, the rapid economic growth achieved by the countries and regions of the "Global South" has promoted the multipolar development of the global economic growth pattern. On the other hand, it also shoulders the responsibility of promoting world economic growth. Among them, the contribution of the "Global South" represented by the BRICS countries to global economic growth will continue to be ahead of the advanced economies represented by the G7. According to statistics, China's contribution to global economic growth will remain at 30% in 2023 and will continue to be the largest contributor to global economic growth in the next five years.

Restructuring trade and investment networks. In 2022, in terms of trade in goods, developing economies accounted for 45.1% of global exports of goods and 40.4% of imports of goods, and the proportion of imports and exports of goods with developed economies in the world has shrunk significantly. On the investment side, FDI inflows to developing economies grew by 4.0 per cent, accounting for 70.8 per cent of total global FDI inflows. At the same time, in order to enhance regional coherence in trade and investment policies, more bilateral, multilateral and regional economic and trade agreements have been signed among developing countries, trade and investment barriers have been continuously reduced among countries in the "Global South", and the status of South-South trade in the global trade structure has increased significantly. The enhancement of South-South cooperation has given birth to new international trade routes and capital flow patterns, and promoted the depth and breadth of global economic integration.

A new balance between market demand and supply. The market is the most scarce resource in the world today, but also the most precious opportunity. The huge consumer markets of the "Global South" countries, led by China's large market, have been effectively activated, and the "Global South" has unlimited potential, resilience and vitality, providing a new fulcrum for the global industrial chain and supply chain. "China's economy is a sea, not a small pond", and the "Global South" market will be connected into an ocean, which will create a more open and inclusive business environment, provide high-quality supply with new global demand, and promote the global optimal allocation of resources and production capacity.

Policy and institutional innovation

Strengthening and practicing multilateralism. The situation at home and abroad has undergone profound changes. The countries of the "Global South" have deepened cooperation with a common position, shaped their collective discourse through diverse cooperation, and participated in the maintenance of genuine multilateral mechanisms and the reform of the multilateral system with a more active attitude, so as to uphold true multilateralism. The countries of the Global South will play a more important role in global economic development and governance by advocating independent political rights and interests, the concept of mutually beneficial and win-win cooperation, fair and reasonable rule-making, an open and inclusive governance system, and a green and sustainable development model.

Deepening of regional integration and cooperation mechanisms. As representatives of emerging market countries and developing economies, the BRICS countries accounted for only 10.4% of the global economy in 1980, while in 2020, the proportion of BRICS countries surpassed that of G7 countries to reach 31.0%. In August 2023, the 15th BRICS Summit was held, and Saudi Arabia, Egypt, U.A.E., Argentina, Iran and Ethiopia officially became BRICS members, and the 11 BRICS countries accounted for about 36.0% of the total global economy. The expansion of the BRICS countries has strengthened the voice of the "Global South", strengthened the collective bargaining capacity of the "Global South" countries, strengthened the "Global South" countries' ability to fight for the right to development in the international system, and improved the overall economic resilience of the "Global South" countries. By deepening cooperation, the countries of the "Global South" will work together to become a stabilizing factor in the international economic order.

Steering and Innovation of the Development Agenda. In close economic cooperation, the countries of the "Global South" have steadily forged their identities, united and strengthened cooperation, and vigorously advocated for "sustainable development" that is "people-centred" as set out in the 2015 United Nations 2030 Agenda for Sustainable Development. In 2022, the countries of the Global South actively participated in the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27); In 2023, the countries of the Global South will convene the G77 and China Climate Change Leaders' Summit to strengthen solidarity and cooperation among the countries of the Global South and jointly address the challenges they face in the international arena. The cooperation and development of the "Global South" not only focuses on economic benefits, but also focuses on inclusive growth, sustainable development, win-win reciprocity, diversity and integration, and harmonious coexistence between man and nature, providing a new direction for the global development path.

Mindset and a shift in global consciousness

A renewal of the concept of global governance. After the Second World War, Western countries, represented by United States, led neoliberal globalization, but with the "unfairness, uninclusiveness, and inequality", the disadvantages of neoliberal globalization continued to emerge, and the deficit of global economic governance continued unabated. In 2013, China put forward the Belt and Road Initiative based on the principle of "extensive consultation, joint contribution and shared benefits", adhering to the concept of global governance based on extensive consultation, joint contribution and shared benefits. "Extensive consultation, joint contribution and shared benefits" means that the countries of the "Global South" will have more say in global governance, and in turn, effectively promote the revision of international rules and standards to more fully reflect the aspirations of developing countries and better reflect the actual situation and core interests of the "Global South" countries. With the continuous improvement of national strength and influence, the countries of the "Global South" have become an important force in promoting the reform of the global governance system, and are playing an active role in climate governance, energy governance and other aspects.

Technological innovation and leadership. According to relevant statistics, in 2023, China's vehicle exports will be 4.91 million units, of which 1.203 million will be new energy vehicles, a year-on-year increase of 77.6%, and China's new energy vehicle production and sales will rank first in the world for 9 consecutive years. New energy vehicles have truly realized "lane change and overtaking" and have become a bright spot in China's automobile industry. China's success in the field of new energy vehicles fully demonstrates that countries in the "Global South" can become pioneers in high-tech fields such as digital technology, leading technological innovation and sustainable development. With the extensive and in-depth development of digital, green and inclusive globalization, the countries of the "Global South" will work together to explore larger-scale, higher-standard and more influential South-South cooperation, continue to optimize the economic policy toolbox, bridge the development gap in the digital technology economy and green and low-carbon economy, and actively build a new international economic order.

Sharing of culture and values. For a long time, some developed countries in the West have tried to export a single path of modernization to the world. The Chinese path to modernization has shown the world that there is more than one path to modernization. On the basis of their own development practices, the countries of the "Global South" should seek a development path that suits their own national conditions on the basis of cultural traditions and institutional mechanisms, and build a new global development and governance order that is more pluralistic and fair. It is precisely on the basis of respect and tolerance for diversity that the countries of the "Global South" have achieved collective rise and jointly explored the modernization of global cooperation, common prosperity, and harmonious coexistence between man and nature. With the deepening of political, economic, social and cultural exchanges, the countries of the "Global South" have strengthened their understanding and support for each other and promoted the exchange and integration of global multiculturalism through people-to-people exchanges and mutual learning among civilizations. The sharing of culture and values among the countries of the "Global South" has laid a humanistic foundation for building a more inclusive and equal international community, and will surely become an indispensable driving force for promoting the process of "reglobalization", and will also become the backbone of the construction and reform of the new international economic order.