Global Financial Architecture Reform and the Role of the Global South

Xuemei Xu (Assistant Research Fellow, Department for World Economy and Development, China Institute of International Studies (CIIS)), lizzyxu92@163.com

The existing global financial architecture is increasingly revealing structural flaws in addressing multiple systemic crises, with issues such as dollar hegemony, governance inequity, inadequate representation, and a lack of development orientation becoming particularly pronounced. By employing qualitative research methods and drawing on fundamental theories in international relations, this paper argues that the Global South has transformed from a passive rule-taker into an active reform participant in the reform of global financial architecture through rising economic power, institutional innovation, and consensus forging. However, internal heterogeneity, resistance from existing power structures, and capacity limitations constitute major constraints. The paper posits that, in future reforms, the Global South must strengthen internal coordination, enhance institutional capabilities, and build broad reform coalitions to establish a more equitable, efficient, and inclusive global financial architecture.

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