Historic role of China in international development

In order to strengthen international cooperation within the BRI, the Chinese government has implemented the concept of financial integration under the “One Belt, One Road” initiative. Thus, in June 2015, a ceremony of signing the “Agreement on the Establishment of the Asian Infrastructure Investment Bank (ABU)” was held in Beijing, which was attended by representatives of 57 founding countries. Such a large number of participants in the creation of the ABII is a great success for China and its important step towards becoming a responsible and constructive member of the international community. According to this agreement, the authorized capital of ABII is $100 bln, which is divided into 1 million shares worth $100 thsd. At the same time, China's share in the authorized capital is $29,78 bln, which is 30,34% of the total. Thus, China is the largest owner of ABII shares.

Liu Wajdong, Director of the Center for Strategic Studies under the “One Belt, One Road” initiative, at the Chinese Academy of Sciences, said that three years after the launch of the initiative “One Belt, One Road” initiative, the key concept of which is inclusive globalization, the achievement has been more than expected. At present, the initiative is incorporated in the UN resolution and has received support from more than one hundred countries and international organizations of the world. China has signed cooperation agreements on joint construction with more than 40 countries and international organizations [14].

The BRI has potential to create an innovative understanding of development issues in the world. It will at least put the infrastructure construction, the international capacity cooperation and new type of globalization into the field of development economics, and develop a 21st century political economy for developing countries.

China's view on future Global development

In December 2017, Xi Jinping took part in the World Economic Forum, which took place in Davos. At the forum, the President of the People's Republic of China made a report “Is China the New Champion for the Liberal International Order?”. He dedicated his report to the problem of globalization. In his report, Xi Jinping noted that humanity is now living in a contradictory time. On the one hand, the accumulation of material values is constantly going on, there is continuous scientific and technological progress, the development of mankind has reached the highest level in history. On the other hand, there are constant regional conflicts, global challenges in the form of terrorism and refugee flows. Poverty, unemployment and the income gap are growing in the world, and uncertainty and insecurity are growing among the people.

It is believed that the globalization of the international economy is to blame for these troubles, so the topic of globalization is hotly debated in the world. According to the Chinese leader, the cause of all the troubles from which humanity suffers today is not globalization. When millions of people from Africa or the Middle East leave their homes and are forced to migrate to safer and more developed countries, globalization is not to blame. This is a consequence of the unbridled race for profit on the part of financial capital and a serious lack of control and regulation. It is simply wrong to blame globalization for all the world's troubles, and this position not only does not agree with the facts, but also does not help solve problems.

Historically, economic globalization has become an objective requirement for the development of social productive forces and an inevitable result of scientific and technological progress. Economic globalization has given a strong impetus to the world economy, contributed to the movement of goods and capital, the progress of technology and culture, interaction between peoples of different countries. Attempts to artificially block the flow of capital, technology, goods, industries and personnel between the economies of all countries can not only exacerbate existing contradictions, challenges and problems in the world economy, but also lead to more radical challenges and events that cannot be solved without emergency measures.

The President of the People's Republic of China believes that it is necessary to adapt and direct economic globalization in the right direction, leveling its negative impact and achieving it to bring greater benefits to all countries and peoples.

Xi Jinping calls on all countries to take active steps to properly manage economic globalization in order to unleash its positive effects and rebalance to a greater extent.

The Chinese leader singles out the two most pressing problems in the world economy today: the gap between rich and poor, as well as between the North and the South. In his opinion, there are three critical contradictions in the economic sphere that have not been effectively resolved. First, there are not enough impulses for global growth. The growth rate of the world economy has been the lowest in recent years, and the growth rate of global trade continues to lag behind the growth rate of the economy. Traditional growth engines play a weak role in boosting the economy, and new ones are not yet powerful enough to replace them [1, c. 690].

Second, given the backwardness of global economic governance, it is difficult to adapt to new changes in the global economy. In recent years, there have been radical changes in the ratio of international economic forces, but the system of governance of the global economy can not reflect new circumstances without sufficient representativeness and inclusiveness. The global production structure is constantly being adjusted, new production and value chains and supply chains are being formed on a daily basis, but the rules of trade and investment do not keep up with these new conditions. The existing global financial management mechanism is not able to adapt to new needs, which leads to fluctuations in international financial markets.

Third, the current imbalance in global development makes it impossible to meet people's hopes for a better life. The wealth of 1% of the world's most affluent population exceeds the total wealth of the remaining 99% of people. People are concerned about the injustice of income distribution and the unbalanced space for development. About 700 million people still live in extreme poverty. This remains the greatest challenge facing the world today, as well as an important problem of social upheaval in individual countries. These problems indicate the existence of real problems related to global economic growth, governance and development models.

The President of the People's Republic of China sees a way out of the current situation in the modern world, first of all in the economic sphere, in the joint concerted actions of all countries of the world. As a “recipe” for the treatment of the “painful” state of the world economy, he offers the following [1, c. 691].

First, it is necessary to firmly adhere to the concept of development by stimulating innovation, to form a model of growth, which is characterized by significant dynamism. The problem of lack of momentum for growth can be solved through innovation. Compared with previous industrial revolutions, the fourth industrial revolution develops more geometrically than linearly. It is necessary to update the growth model, to make proper use of the opportunities that bring with them a new round of the industrial revolution, in particular the digital economy and others. It is important to pay attention to the fact that new industries, new management methods contribute to the development of employment opportunities and, accordingly, the creation of new jobs. This will allow people to gain hope and confidence in life, which in turn will ensure social stability in society [1, c. 692].

Secondly, it is necessary to insist on coherence and joint work, to create a model of cooperation based on openness and mutual benefit. Today, humanity has become a community of one destiny, united by inseparable ties, highly integrated by interests and interdependence. Each country must consider its interests in a broader context and avoid trying to pursue them at the expense of others. Protectionism is a return to yesterday, it does not solve the problem in essence, it only complicates the problem.

Third, it is important to keep pace with the times, to develop a model of fair and sound governance. The urgency of reforming the world economy is becoming more apparent. A global system of governance can provide a reliable guarantee for the world economy only if it is adapted to the new requirements of the world economic situation. Countries, regardless of their size, power and wealth, are all equal members of the international community, they must participate equally in decision-making, the exercise of rights and the fulfillment of responsibilities. Developing countries and emerging markets economies need to be more representative and have the right to vote.

Fourth, it is necessary to achieve justice and inclusiveness, to promote a model of balanced development that will bring common benefits. The goal of development must be for the benefit of the people. The concept and model of development should be improved in the direction of greater fairness, efficiency, balance and consolidation. To achieve this, it is necessary to implement the 2030 Agenda and support sustainable development around the world [1, c. 692-694].

At the World Form in Davos, the President of the People's Republic of China put forward proposals to approve the concept of a community of common destiny. He also believes that we need to work together, take responsibility, support each other and overcome difficulties together.

China's rapid growth has created a steady and powerful impetus for the stability and growth of the global economy. China's relationship with other countries has contributed to a more balanced development of the global economy. China has made remarkable strides in the inclusive growth of the world economy. If China continues to promote a policy of reform and openness that will create an important driving force for the development of an open world economy.

Conclusions

From the time of its esyablishment until now, China has actually made a breakthrough in international relations. From a country isolated from the rest of the world, China has become an influential international player. Thanks to its far-sighted foreign policy, China has been able to gain the trust of the international community and create the image of a responsible and progressive country. It also reflects China 's millennial Eastern wisdom on public administration which is based on the theoretical conclusions of ancient Chinese philosophers and the historical memory of public administration formed over millennia under their influence. The most important of these conclusions are two - harmony and mutual benefit. Chinese philosophers argue that it is impossible to ensure peace and development of the state without achieving harmony, both internal and external. The prosperity of society cannot be ensured without mutual benefit. These findings have in fact laid the groundwork for China's peaceful development policy and have become fundamental principles of China 's foreign policy.

Being in difficult economic poverty, the country's leadership makes a strategically correct decision to provide assistance to countries that have lost colonial rule and embarked on the path of independent development. In a troubled environment, China offers international assistance to other countries, thus introducing their joint development. For this purpose, the principles of international assistance and the principles of peaceful coexistence of different countries were developed. Over time, these principles have been recognized by many countries around the world and international organizations. The Five Principles of Peace Co-existence remain today the fundamental principles of the formation of the international system of international relations. Participation through the provision of international assistance to other countries and public diplomacy led to the formation of a positive image of China in the international arena and recognition by the world community.

China, like the rest of the world, has experienced two major global crises in the late 1990s (Asian crisis of 1997-1998) and 2008-2009. It is thanks to the Chinese government's policy of maintaining foreign relations that Asian countries have been able to emerge from the Asian crisis with less losses and resume growth in a short time. In fact, the situation was repeated during the financial crisis of 2008-2009, when the Chinese government refrained from protectionist measures and took measures to preserve international trade and investment. Although these crises have also led to losses on the part of China, China has emerged stronger and more aware of the correctness of the chosen path for the development of international cooperation.

Unlike many countries around the world who have blamed globalization for all the troubles, China is in favor of stepping up the globalization process, but offering new approaches to international development and cooperation, which are as follows: to firmly adhere to the concept of development by stimulating innovation, to form a model of growth, which is characterized by significant dynamism; to insist on coherence and joint work, to create a model of cooperation based on openness and mutual benefit; to keep pace with the times, to develop a model of fair and sound governance; to achieve justice and inclusiveness, to promote a model of balanced development that will bring common benefits. The goal of development must be for the benefit of the people. The concept and model of development should be improved in the direction of greater fairness, efficiency, balance and consolidation.

In order to implement the concept of joint international development, China is introducing a global initiative «One Belt, One Road». According to President Xi Jinping, the ancient path, which stretched for ten thousand li ( Ш -- chinese mile) and lasted for thousands of years, has accumulated a special spirit of the Silk Road, which is based on peace and cooperation, openness and inclusiveness, mutual education, mutual benefit and common good. The Spirit of the Silk Road is the most valuable heritage of mankind of human civilization, which will ensure peace, sustainable development and benefits for all mankind [1, p. 721-725].

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