Economic Headwinds

On June 17, 2026, China published its first comprehensive white paper on global governance titled "More Just and Equitable Global Governance: China's Principles, Proposals and Actions," which constitutes a translation of China's long-standing aspiration to shape the international order. The paper proposes a new model redefining principles and institutions while advocating for multilateralism in the international order. However, it seems that China concentrates on leadership grounded in normative influence rather than the financial and military commitments that have historically accompanied global leadership.   The release of the white paper coincides with new developments China faces, notably economic structural headwinds. Such developments provide strong context for the White Paper’s focus on normative leadership. This raises a crucial question” Can China's cost-averse model of global leadership translate normative influence into sustainable geopolitical leadership?