Theoretical Connotations and Path Selection for Building China’s Global Commodity Partnership

Abstract

Currently, global commodity prices are fluctuating wildly, and the global supply chain has experienced multiple disruptions, highlighting its vulnerability and backwardness. This has further intensified issues such as global food and energy security. At the 2022 G20 Summit, China first proposed the initiative to establish a Global Commodity Partnership, representing an innovation in China’s construction of sector-specific partnerships and an important way for China to weave its global partnership network. The study aims to examine the strategic significance, implementation pathways, and challenges associated with the Global Commodity Partnership initiative, emphasizing its potential to enhance global supply chain stability and address key global concerns, such as food and energy security. To achieve this, the research employs a qualitative methodology, utilizing case studies of existing international cooperation frameworks and initiatives such as the “Belt and Road” Initiative and the Regional Comprehensive Economic Partnership (RCEP). Additionally, policy analysis is conducted to assess China’s alignment with international organizations, including the United Nations, the World Trade Organization, and the Food and Agriculture Organization. The implementation path for the Global Commodity Partnership involves relying on international multilateral organizations, strategically aligning with the United Nations, the World Trade Organization, the Food and Agriculture Organization of the United Nations, and others to jointly promote strategic cooperation in commodities; promoting international cooperation in commodities through “initiatives” and “agreements,” proposing and implementing initiatives such as the “Belt and Road” Initiative, the “Global Development Initiative,” and the “International Initiative on Cooperation for Food Security,” signing economic and trade cooperation agreements like the Regional Comprehensive Economic Partnership (RCEP), and building digital commodity trading platforms, commodity intelligence centers, and digital service platforms for international commodity trade. In the future, to establish the Global Commodity Partnership, China needs to strengthen coordination, cooperation, and dialogue mechanisms in global commodity trading.