Global Governance Reform and Its Future

Global governance is at a critical juncture. The power transition is remarkably strengthening and the governance system is out-of-balance. The international institutions are suffering deep deficit and the governance mechanism lacks of resilience. The transnational risks are continued spreading and the governance effects need to manifest. The challenges of globalization drive the international community on the demand of the reform of global governance. From the perspective of practice, the reform of global governance has to follow the six principles: Shared values, multilateralism, subsidiarity, synthesis, legality and flexibility. The reform of global governance is mainly the reform of the international institutions in the center of the international systems, including the United Nations, the Bretton Woods Institutions, the G8 and G20 summit. The future of global governance needs sovereign states playing "responsible sovereignty" role to strengthen the international system reform, break the governance impasse and establish a new system of governance.