Global Economic Governance Mechanisms: Coordination Pathways Between Market Activities and Public Policies

Abstract

This paper explores the pivotal role of global economic governance mechanisms in coordinating market activities and public policies, as well as strategies to promote sustainable development and effective international cooperation in the context of globalization. However, the globalization of market activities has introduced new governance challenges, particularly in the areas of environmental protection, social responsibility, and the digital economy. This paper analyzes the roles and limitations of current major international public policy frameworks, such as the World Trade Organization (WTO) and the International Monetary Fund (IMF), as well as regional cooperation mechanisms like the Regional Comprehensive Economic Partnership (RCEP), in promoting trade liberalization, financial stability, and sustainable development. Furthermore, it delves into ways to optimize these existing mechanisms to better address emerging economic challenges, particularly in the realms of the digital economy and cross-border data flows. Finally, the paper proposes policy recommendations for constructing new mechanisms of global economic governance, emphasizing multilateral cooperation and the introduction of innovative mechanisms, and calls for a more flexible and effective global governance system to tackle the increasingly complex challenges of the global economic environment.