China can strengthen the capacity of Global South countries to advance their societies and address their individual and shared challenges

In our increasingly interconnected world, we stand at a pivotal moment where cooperation and inclusivity can reshape the future for billions of people. The Global South's growing momentum signals not only a rebalancing of the global economic order but also an opportunity to embrace a new commitment to shared progress.

The global economic landscape has shifted dramatically this century. In 2000, North America, Europe, Japan and the Republic of Korea accounted for 23 percent of the world's population and held around 66 percent of global nominal GDP. Today, their population share has declined to around 19 percent and their combined GDP contribution has decreased to around 50 percent.

This shift is not just a decline of one group but a testament to the rapid economic rise of regions such as Asia, Africa and Latin America, facilitated by a more free and open global economy. The demographic growth in these regions and their increasing entrepreneurial spirit are reshaping global priorities, and the Global South is emerging as a key driver of future prosperity.

Despite this economic shift, almost 90 percent of international transactions are still settled in US dollars. This underscores the dollar's entrenched position, but it also highlights an opportunity for innovation from the Global South. Leveraging technologies such as blockchain could lead to faster, cheaper settlement alternatives, using, for example, the renminbi, which China actively promotes.

China's remarkable economic success exemplifies the possibilities for the Global South. Through strategic planning, infrastructure development, education, technological innovation and hard work, China has lifted 800 million people out of abject poverty and built a globally competitive economy with a vibrant culture grounded in 5,000 years of history. This transformation is also evident in the hallways of educational institutions.

China's achievements increase its credibility among the Global South countries. Unlike historical colonial powers or the hemispheric dominance implicit in the Monroe Doctrine, China emphasizes mutual respect, economic partnership and infrastructure investment without territorial ambitions.

China's initiatives have become a vital force in advancing the modernization of the Global South, fostering collaboration and development in transformative ways. The expansion of the BRICS group to include countries such as Saudi Arabia, Egypt and Ethiopia exemplifies efforts to amplify the voices of the Global South in global governance. This expansion, representing nations accounting for over 40 percent of the global population and 32 percent of global GDP in terms of purchasing power parity, is a major step toward ensuring more equitable participation in global decision-making processes.

The Belt and Road Initiative is another cornerstone of China's engagement with the Global South, encompassing over 150 partner countries. Since its inception, the BRI has mobilized over $1 trillion in investments, transforming infrastructure landscapes by building railways, ports and energy projects critical for economic growth. Notably, projects such as the Mombasa-Nairobi Standard Gauge Railway in Kenya and Gwadar Port in Pakistan have accelerated trade, created jobs and fueled regional connectivity. China's efforts in Latin America are similarly impactful. Chinese President Xi Jinping recently visited Peru to attend the Asia-Pacific Economic Cooperation meeting. There, he inaugurated the massive Port of Chancay on Peru's Pacific coast. This mega-port project will shorten shipping times between Asia and Latin America, reduce costs by 20 percent, and serve as a foundation of the 21st-century Maritime Silk Road.

China's engagement with the Global South extends beyond infrastructure. By sharing its expertise in areas such as smart agriculture and renewable energy, China can address developmental needs while promoting sustainability.

Agriculture, a key source of livelihood in many developing countries, which can benefit from China's expertise in smart farming and water management. Localized manufacturing hubs can create employment and foster technological transfer, while infrastructure investments under the BRI should emphasize both large-scale ventures and community-focused programs.

Capacity building by improving health and education systems is also critical. China's advances in telemedicine can revolutionize healthcare access in rural areas of the Global South. At the same time, investments in science, technology, engineering and mathematics education and digital platforms can equip younger generations with the skills needed to thrive in a rapidly changing world.

Combating climate change remains central. With its leadership in green technologies, from solar panels to electric vehicles, China is uniquely positioned to assist the Global South in transitioning to low-carbon economies. Establishing training hubs and collaborative research programs can be important to accelerating the adoption of solutions.

Global governance reform is critical to ensuring that institutions such as the International Monetary Fund and the United Nations reflect the demographic and economic realities of the 21st century. In addition, convening an annual New World Economic Forum in Shenzhen or the Hong Kong Special Administrative Region might enable China to ensure that AI technology does not lead to a new digital divide for the Global South. Convening this New World Economic Forum, if conducted with diversity, South-North as well as South-South collaboration, and practical results in mind, can be a catalyst for the transformation of the Global South. By locating this forum in Shenzhen or the Hong Kong SAR, China can show its commitment to bridge-building and equitable global development while amplifying the goals of the Global South.

While ambitious, through these multiple approaches, China can reaffirm its role as a partner and advocate for the Global South. It can not only champion a more balanced global economic order but also strengthen the capacity of Global South countries to advance their societies and address their individual and shared challenges. Together, the Global South can and will chart a path toward a more equitable, sustainable, and prosperous world.

The author is executive vice-chancellor and distinguished professor of social science at Duke Kunshan University, John deButts professor of practice at Duke University's Fuqua School of Business, and Charles Edward Wilson professor of business administration emeritus at Harvard Business School.

The author contributed this article to China Watch, a think tank powered by China Daily.

The views do not necessarily reflect those of China Daily.

Contact the editor at [email protected].