In a speech to a seminar on governance opening in Quanzhou, Fujian Province on Aug. 17, Jorge Eduardo Navarrete Lopez, former Mexican ambassador to China, insisted global problems could not be solved by any one country or regional organization and global governance required the joint efforts of the entire international community.

According to Navarrete, the weaknesses in global governance are reflected in increasing threats to world peace and stability, as well as issues related to global economic growth and employment. Global inequality was a major weakness that would hinder economic growth and social development if not addressed quickly.

Navarrete observed that the year 2017 appeared to be marking the end of the great depression caused by the financial crisis that emerged a decade ago. The economies of both developed countries and emerging markets were on the track of recovery, which is manifested in the consensus at the G20 Hamburg summit and the most recent IMF World Economic Outlook.

Emerging economies and developing countries are expected to register an average annual growth rate of about five percent in the coming five years (2018-2022).

Navarrete argued that trans-regional multilateral mechanisms represented by BRICS can play a big role in building a brand-new framework of global governance. BRICS member nations were cooperating with each other in more fields than just economy and trade, demonstrating their determination to forge ahead together in the increasingly complicated international environment.

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