Not a zero-sum game: global governance must adapt to the new US-China equation
Daniel Russel says new models of global governance that promote healthy competition as well as cooperation on big challenges are needed to address the changing dynamics between the US and China, and that the latter’s new regional initiatives could be a road test of the country’s emergence as a world leader
Hong Kong is an ideal place to examine the issues of China, the US and global governance. Few places have benefited more than Hong Kong has from two of the major developments of our era: China’s emergence as an economic powerhouse and the globalisation of the world economy.
One of the reasons that Hong Kong has been effective in facilitating China’s integration into the international economy is its long-standing status as an international financial centre. That status is based on its openness to commerce and foreign investment, its independent and professional legal system, its robust and transparent regulatory regimes – and, of course, its open press environment and high-quality publications.
So not only has Hong Kong done well for itself, but its transparency, openness and adherence to international norms have also helped China navigate, and thrive, in the present-day international system.
How ‘one country, two systems’ is tearing Beijing and Hong Kong further apart
