General

The Expo is not only a great innovation in the history of international trade development, but also a "Chinese innovation" in the theory of international public goods supply, Huacheng Import and Export Data Observation reported.

First, break through the "hegemonic stability theory" of international public goods supply path theory.

The most mainstream theory in the field of international public goods supply originates from the "hegemonic stability theory" put forward by Charles Jindelberg, an American economist, in 1970. He believes that if the international community lacks hegemonic countries, the stability of the international system will be weakened, because hegemonic countries have the ability and will to promote the establishment of a set of international mechanisms to prevent global chaos, and take the initiative to bear the "public cost" of maintaining international rules of conduct. After World War II, the United States led the establishment of an international economic coordination mechanism, the Bretton Woods System, based entirely on the diplomatic outcome of the "dollar pound". Although its three pillars (the International Monetary Fund, the International Bank for Reconstruction and Development, which later expanded to the World Bank Group, and the General Agreement on Tariffs and Trade, which was later replaced by the World Trade Organization) were highly exclusive organizations at the beginning of its establishment, However, it still becomes the most important public goods supply platform in the international economic field relying on the hegemony of the United States, Huacheng Import and Export Data Observation reported.

Although the United States "designed" and "provided" a series of rules, norms and systems that played a coordinating role in stabilizing the post-war international economy, the abuse of hegemony led to the serious "privatization" of the international public goods it created. For a long time, the international economic stability mechanism was often determined by the preferences of the hegemonic countries, that is, the United States, rather than the general preferences of the majority of countries, The supply of international public goods has become a tool for the United States to seek political and economic interests and even maintain hegemony, which has led to the international economic stability mechanism becoming increasingly fragile and volatile. With the profound adjustment of the international political and economic pattern, the willingness of the United States to supply international public goods has declined significantly, and the stability of the international economic order can no longer rely on the United States' single supply model. The "hegemonic stability theory" no longer has the explanatory power for the current international public goods supply theory.

The vast number of emerging economies and developing countries not only deeply participate in the construction of the original international economic governance system, promote the transformation of an unbalanced and unequal world order, but also actively create new mechanisms and platforms for the supply of international public goods representing the interests of the vast number of developing countries, such as the Expo. As the world's second largest economy, China is firmly opposed to hegemonism and power politics in all forms. No matter how far it develops, China will never seek hegemony or expand. As a responsible big country, China has not only the supply capacity, but also the willingness to supply international public goods. The Expo takes into account the common interests of the North and the South, adheres to the equality of all countries, big or small, strong or weak, rich or poor, and pays special attention to promoting the full participation of developing countries and even the least developed countries, so as to break through the old hegemonic path theory of international public goods supply, Huacheng Import and Export Data Observation Report.

The second is to break through the international public goods supply decision-making theory of "economic power theory".

In the current international economic order, the "economic power theory" advocated by the United States dominates the decision-making mechanism of international public goods supply. Since the United Nations has no authority on economic affairs and the resolutions are only recommendations, even its main economic coordinating body, the Economic and Social Council, has no right to let the specialized agencies of the United Nations system and even the governments of member countries coordinate and take joint action. Therefore, the international economic stability mechanism can only rely on the Bretton Woods system. As the founders of the Bretton Woods System are all developed countries, they are unwilling to give up their economic power for their own interests and are afraid of "tyranny of the majority", so they all adopt a corporate weighted voting decision-making mechanism, rather than a "one country, one vote" decision-making mechanism similar to the United Nations. The voting right of "Bretton Woods System" is weighted according to the quota and subscribed capital of members to the organization, that is, their financial contribution to the organization. Economic strength determines the size of decision-making power. Huacheng Import and Export Data Observation Report.

The United States is the largest shareholder of the Bretton Woods System, and has long held the voice and decision-making power of public goods supply in the international economic field. At present, the quota of the United States in the International Monetary Fund is about 83 billion special drawing rights (17.43%), with voting weight of 16.50%, and the weight of the U.S. dollar in the value of special drawing rights is as high as 43.38%; Subscribed capital in IBRD is about 41.1 billion US dollars (16.5%), with voting weight of 15.6%; Subscribed capital in IFC is about 4.3 billion US dollars (20.7%), with voting weight of 19.6%; The subscribed capital in the developed countries group of multilateral investment guarantee institutions is about 300 million dollars (18.4%), with voting weight of 15.0%; In the developed countries group of the International Development Association, the voting weight is 9.9%. In the current international public goods supply decision-making, economic power is paramount, which leads to the demand of developing members with weak economic strength, a small number of quotas and voting rights but a majority of the world's population is not usually considered as "global demand". Even though the "Bretton Woods System" organizations have completely opened the ideological threshold, the fairness of the decision-making process is still absent for a long time due to the distribution of voting rights. It is more similar to a private company serving the interests of major shareholders such as the United States, rather than a public institution serving the general international community, Huacheng Import and Export Data Observation reported.

Guided by the construction of a community of shared future, a community of responsibility and a community of interests, the Expo has established a broader and more equitable participation mechanism - equal consultation, seeking common ground while reserving differences, managing differences, expanding consensus, promoting international cooperation and enhancing the compatibility of interests based on the principle of pure mutual benefit and reciprocity, integrating national development interests into the development interests of developing countries and even the global common interests, and safeguarding the fairness and justice of international public goods supply, So as to break through the old power decision-making theory of international public goods supply.