 It's a great honor to be here. It's my first time actually in Helsinki. And the topic I'm going to talk about is actually very much on China's role in global development. The world economy has changed dramatically fundamentally over the past 20 years. Since the late 1990s, there has been a transformation, a shift of power towards the rising powers. So China's economic and political influence in low-income developing countries has increased significantly in recent years. And it has already made major impacts on low-income countries through different channels. Those are perhaps the examples of the channels of influence of China on the other developing countries. So in terms of trade and also FDI, finance, development assistance, governance, migration, and also environmental impacts, so there are various channels of influence of China on the other developing countries, especially in Africa and Asia. We all know Chinese engagement in Africa perhaps right now is one of the most debatable topics and also one of the hottest topics in the world. Back to ideas, my students quite often ask me this question. When you look at Chinese outward FDI, Africa counts about less than 5% of China's total outward FDI. And Latin America is about 18% of China's total outward FDI. And then why China in Africa is such a big story and not China in Latin America? So that's what you have this to do with the global development agenda setting. So those are the interesting questions I hope we can discuss in the next 20 minutes. And also China has emerged with increased influence in global fora and international institutions. As most of you know, China has just hosted the G20 summit in Hangzhou three weeks ago. And one of the legacies of the Chinese presidency of the G20 is actually about, well, according to some scholars, this G20 summit is perhaps the most inclusive G20 summit in the history. Certainly, the Chinese government invited many developing country leaders as guests and also many consultations with the developing countries leaders, much more beyond the scope of the G20 countries. So with this increased influence in the global institutions and also its relative presence and influence in the poorest countries in Asia and Africa, the better dialogue and the mutual understanding is needed. So what other, but before I talk about China, I think it's important we have some knowledge about the background of global development. What are the main challenges of global economic governance and the global development? So the fundamental realities of today's globalizing world is definitely the growing interconnectedness in the domain of economics, but significantly also in political, social, and cultural spheres. And also with globalization, authority and power over developing policies negotiated between the various agencies, making it all more complex process to work through. Taking China in Africa as an example, it's not as simple as some people thought. It's all about oil and the natural resource. In fact, it's much more complicated than that because we are talking about more than 32 Chinese provinces and more than 54 African countries. So there are diversified actors and also the power over the developing policy and it's negotiated between the different levels. So another reality is of course the world is changing beyond the immediate consequences of the global financial crisis. The major shift is underway in power towards the developing world and the emerging economies. But for long while, the global markets and institutions could not solve the needs of people in developing countries. And the large emerging markets have responded by establishing new initiatives such as the BRICS, New Development Bank, the NDB, and also this Asia Infrastructure Development Bank and also other multilateral initiatives. Taking the AIB Bank as an example, it's not just simply an infrastructure investment bank. In fact, it's much more beyond that. To some extent, it will change the way of multilateral engagement. And also at the moment, China is promoting the use of its renminbi in a multi-currency international monetary system. So this is definitely a role in the global economic system, both for Bretton Woods institutions and the emerging countries. So how to make them work together more effectively? And there are lots of challenges, especially in terms of constraints to global growth and development, the issues of resource, the necessities, and global instability, and how this is to be managed. This is a fundamental challenge of global development. In fact, several years ago, Professor John Beddington, the former chief scientific advisor to the UK government, gave his perspective on the perfect, he called it the perfect storm of global events to describe the scarcity of the natural resource. As you can see, according to this graph, we are facing serious challenge in terms of the global resource. So what's the implication for development cooperation? Certainly global development has reached a critical turning point with the growing role of China and also other non-traditional donors. Many have asked the question, what's the future of development might look like? And whether a new post 2015 global partnership might be possible? So when we think about China, the key issues relating to China is, where does China as a growing power investor, consumer, and donor fit within the specific regional and global development regime? And what can we explain and understand by development as is understood and practiced within China? Those are all the key questions if you want to understand China's overseas investment and also its overseas activity. You need to understand what happened in China itself. So for example, in terms of the Chinese engagement in Africa, there are four key features distinguished that aid to Africa by traditional donors from Africa. First, the traditional donors very much impose policy reforms as the preconditions for its aid. While China do not impose policy conditions, but that's not completely true. In fact, China does have one condition, which is one China. This mainly was Taiwan's engagement with Africa. So one China is China's policy condition in Africa. And second, unlike traditional donors, China generally deliver aid to Africa through projects rather than general budget support. And thirdly, very importantly, the traditional donors increasingly provide more support to the social sectors. While China and also the other emerging powers like India and Brazil focus more on infrastructure and productive sectors, so which approach is better? Here, in fact, this question is quite meaningless if you do not consider the location and the development stage of the country. So very much depends on who you are and where you are. And fourth, while China linked aid to trade and also other commercial activities, traditional donors do not mix aid with commercial activities. Perhaps the only exception of OECD DAC is very much the South Korea. Its approach is quite in a way quite similar to China. So are we actually heading towards a new global economic order? We all know the Brighton Woods system, basically. To some extent, the Brighton Woods institution still reflect a US-dominated world economic order. The current system failed to deliver governance reforms. That's why the new emerging powers will continue to create their own institutions and their own frameworks of global economic governance and global governance, which could lead to fragmentation of the global economic system. So what's the way forward? Actually, my key point is there's a great deal of debate over the question of how to work with the emerging economies to include them in the existing systems of global governance and development cooperation. But in fact, we are asking the wrong question. We should really ask a different question here. The real question should be what lessons can the existing systems of global economic governance and development cooperation take from South-South cooperation in order to draw together more closely the process of North-South and South-South cooperation? So there's a need to have some common understanding of the principles of the partnership and also create a network supporting multilateral dialogue and the corporations at all levels, especially at this era of one-by-one crisis. So let me end by using traditional Chinese saying. 既不可失,失不再来 means the opportunity knocks at but once. So we must make the most of it. I think we now live in the best time of the multilateral engagement and also the global development. So we must take the opportunity and to help to shape the new global economic order. Thank you. Thank you very much.