Group 1: Core Views - The article emphasizes the importance of China's Global Governance Initiative, which includes principles such as sovereign equality, adherence to international law, multilateralism, human-centered approaches, and action-oriented strategies [2][3] - It highlights the need for reform in global financial governance, particularly in the context of ongoing geopolitical conflicts and the rise of unilateralism and de-globalization [2][3] Group 2: International Monetary System Reform - The evolution of the international monetary system reflects deep changes in global dynamics, with historical shifts in dominant currencies indicating national competitiveness [3][4] - There is a growing discussion on reducing reliance on a single sovereign currency and fostering a competitive environment among a few strong currencies, with the euro and renminbi gaining prominence [4][6] - The potential for Special Drawing Rights (SDRs) to serve as a super-sovereign currency is discussed, although practical challenges remain in achieving political consensus and expanding their use [6][7] Group 3: Cross-Border Payment System Improvement - The cross-border payment system is identified as crucial for international trade and financial stability, facing challenges such as inefficiency and high costs [7][8] - The article notes a trend towards diversification in the cross-border payment system, with more countries using local currencies and new payment infrastructures emerging [8] - Emerging technologies like blockchain are reshaping the payment landscape, enhancing efficiency but also posing regulatory challenges [8][9] Group 4: Global Financial Stability System - Post-2008 financial crisis, there has been a focus on enhancing the global financial safety net and improving regulatory frameworks to prevent crises [9][10] - The article outlines the establishment of various regional financial stability mechanisms and the importance of bilateral currency swap agreements [10][11] - New challenges include fragmented regulatory frameworks and insufficient oversight of non-bank financial intermediaries, necessitating stronger global regulatory cooperation [11][12] Group 5: International Financial Organization Governance - The governance of international financial organizations like the IMF and World Bank needs reform to better reflect the economic realities of emerging markets and developing countries [12][13] - The article stresses the importance of adjusting voting rights and shares within these organizations to enhance their legitimacy and effectiveness [13][14] - It calls for increased dialogue and cooperation among nations to build a fairer and more resilient global financial governance system [14]