China's proposal of the Global Governance Initiative, or GGI, is expected to inject stability and cooperation into an increasingly uncertain world, experts and scholars said at a conference in London on Saturday.

The event, held to mark the 76th anniversary of the founding of the People's Republic of China, brought together diplomats, academics, and solidarity campaigners who highlighted China's role as a force for peace, its achievements in the fight against poverty and climate change, and the timeliness of the initiative in strengthening multilateralism.

The Global Governance Initiative was proposed by President Xi Jinping at the "Shanghai Cooperation Organization Plus" Meeting in Tianjin earlier in September.

The initiative on governance is the fourth major initiative proposed by China, following the Global Development Initiative, the Global Security Initiative, and the Global Civilization Initiative.

Francisco Dominguez, secretary of the Venezuela Solidarity Campaign and a former head of the Centre for Brazilian and Latin American Studies at Middlesex University in London, said the GGI is "timely, perhaps even overdue", given the challenges created by the United States' protectionist and unilateralist actions in the global economy.

"Not long ago, world governability was based on agreed rules, principles, and norms enshrined in treaties that were stipulated in the UN Charter, the WTO, and a raft of international conventions and protocols that Washington has either abandoned or trampled upon," he said.

Dominguez said that multipolarity has reached a critical stage, and he expects the GGI to steer the world economy toward its central aim of advancing human development and improving people's livelihoods.

"This aim can only be obtained by establishing a world governance that is inclusive, builds global open and cooperative relationships, with all countries participating equally through multilateralism to share prosperity, in a community of shared future," he said.

Overarching framework

Jenny Clegg, an independent researcher and author of China's Global Strategy: Towards a Multipolar World, emphasized that the GGI serves as an overarching framework linking China's earlier proposals.

"The world is getting more and more turbulent. How are we going to stabilize the situation? It's only going to be by strengthening links between countries, strengthening cooperation and unity between countries," she said.

"By reaffirming the sovereignty and equality of nations in the GGI, China is showing its commitment to the international rule of law," she said, adding that the initiative's emphasis on taking action is very important.

Mushtaq Lasharie, chairman of Third World Solidarity, welcomed the initiative as a response to the shortcomings of current international institutions.