A view of Shanghai Photo: VCG

　　For decades, the world has relied on multilateral institutions and processes - such as the United Nations system, the Bretton Woods institutions (IMF and World Bank), and frameworks like the Paris Agreement - to coordinate collective action on economic development, trade rules, and climate-related issues. These bodies constitute what scholars call the global governance, in which global coordination is achieved through shared rules and negotiated policy frameworks.

　　Yet, we must acknowledge something essential: The solutions we have developed so far are imperfect. And this acknowledgement is not an exercise in pessimism. It is the foundation for progress. Because improving global governance requires countries - rich or poor, large or small - to make sacrifices for global compromise and consensus, including in areas such as market access, financial regulations, and development responsibilities.

　　We are living through an era of extraordinary change: geopolitical fracturing, technological disruption, economic anxiety, and a planetary environmental crisis. These forces make the strengthening of global governance more complicated, but also more urgent, particularly as the global economy increasingly faces headwinds and disruptions.

　　The central problem lies in the structure of global governance: Who has the authority to act? Who has the capability to implement solutions? And most importantly, who is accountable when global responsibilities - such as maintaining financial stability or addressing climate-related economic risks - are shared among many?