During 2022’s annual "two sessions", Chinese President Xi Jinping, also general secretary of the Communist Party of China (CPC) Central Committee, with an understanding of the temporal context of a new era, and in reviewing the CPC and the people's endeavors in the new era, clearly put forward the important judgement - "the five paths China must take": “Upholding the overall Party leadership is the path China must take to stick to and develop socialism with Chinese characteristics.” “Socialism with Chinese characteristics is the path China must take to realize the rejuvenation of the Chinese nation.” “Working hard in unity is the path the Chinese people must take to make historic achievements.” “Putting into practice the new development philosophy is the path China must take to grow into a strong nation in the new era.” “Exercising full and rigorous self-governance of the Party is the path China must take to maintain the Party's vigor and vitality and ensure its success on the new journey.” The five propositions offer a powerful intellectual tool and point out the way forward for the people of all ethnic groups to forge ahead on a new journey and strive for new victories. These five propositions are closely linked, not only define the leadership core, development path, source of strength, guiding concept and strong support for the Chinese nation to move towards great rejuvenation, but also are the action guide to the realization of the Second Centenary Goal.

      In the new era and new journey, the Chinese nation has achieved the tremendous transformation from standing upright to becoming prosperous and growing in strength, and the prospects of national rejuvenation are ever brighter. Development is of paramount importance. Looking back on history, the success China achieved through development solemnly declares that, through the continuous struggle of the whole Party and the people of all ethnic groups, China has has realized the First Centenary Goal of building a moderately prosperous society in all respects. This means that it has put an end to absolute poverty in China, and is now marching in confident strides towards the Second Centenary Goal of building China into a great modern socialist country. Looking to the future, for the realization of the Chinese Dream, we must uphold the overall Party leadership, develop socialism with Chinese characteristics, follow a people-centered philosophy, implement the new development philosophy emphasizing innovative, coordinated, green and open development for all, exercise full and rigorous self-governance of the Party. The whole Party and people of all ethnic groups in China should unite as one to forge ahead. We will continue to unleash and develop productive forces, to enhance economic innovation and competitiveness, to meet the growing needs of the people for a better life, to promote high-quality economic and social development, to realize the common prosperity of all people, to make historic achievements, and forge ahead with confidence into a new journey and a new era.

      Human society has entered a new era, and the world has entered a new period of turbulence with a trend of redistribution of power in the world. All countries and regions in the world are taking countermeasures. China should continue to run its own affairs well and strive to achieve the Second Centenary goal and the great rejuvenation of the Chinese nation. At the same time, China should continue to strengthen and expand cooperation with other countries, promote the construction of a community with a shared future for mankind and jointly build a prosperous, beautiful and prosperous homeland. 

      1.Western capitalism is in urgent need of change

      US President Joe Biden also admitted, "The world is at a turning point. The global situation has changed." This change is directly related to the alienation of American and Western systems. (1) The core of the capitalist economic system is to maximize the interests of shareholders (2) From “Money Democracy” to a system controlled by political and business Bigwigs (3) the western development model is in urgent need of reform

      2.The tendency towards a changing balance of power

      The Changes in the balance of international strengths are mainly driven and influenced by three factors: (1) military power is crucial to maintaining national security and peaceful development; (2) economic strength is the foundation of comprehensive national strength; (3) scientific and technological strength and innovation ability are the powerful driving force for enhancing comprehensive national strength

      3. The world has entered a new period of turbulence and change

      (1) The continued military expansion of the United States for war has intensified the global arms race. (2) The United States’ frantic sanction measures are driving other countries to accelerate the process of dedollarization. (3) That the United States strictly controls high and new technologies urges all countries to strengthen independent innovation and cooperation.

      4. All countries work together for the future

      At a critical crossroads in human history, Chinese President Xi Jinping, grounded in the context of great changes unseen in a century, held high the banner of building a community with a shared future for mankind, and systematically put forward long-term strategies to deal with climate change, unite the international community to overcome COVID-19, safeguard world peace and improve global governance, so as to provide Chinese wisdom and solutions for the realization of inclusive and sustainable global development.

      In recent years, the United States and Europe, adapting to the continuous eastward shift of global strategic center, have issued their own version of "India-Pacific Strategy", trying to strengthen the top-level design, increase the overall and strategic investment in the India Pacific region, and shape a regional agenda in line with their own interests and values, so as to gain the upper hand in the current and future geopolitical competition. However, there are discrepancies and even differences between the United States and Europe in what kind of regional strategic objectives they pursue, how to deal with strategic opponents and how to carry out strategic deployment. Affected by the structural contradictions in the US-European relations, the turbulence in the geopolitical situation and the different perceptions of regional countries, the continuous interaction and cooperation between the US and Europe in Indo-Pacific region will be significantly affected, and the future prospects are not optimistic.

      In the wake of the continuous escalation of China-US strategic confrontation, the strengthening of the US-Japan alliance and Japan's increasingly leaning to the political right, Japan, following the United States, began to implement the strategy of using Taiwan to contain China, make continued efforts to play the Taiwan card, weaken the One China policy, and strongly intervene in the Taiwan Strait issue. The substantive relationship between Japan and Taiwan has made new breakthroughs and development, seriously affecting the improvement of China-Japan relations, casting a new shadow on the 50th anniversary of the normalization of China-Japan relations, and adding to the new situation in the Taiwan Strait.

      How to understand the world pattern and the trend of multipolarity is a fundamental issue related to the formulation and implementation of China’s national development strategy, which is very important. With the reform and opening up, China has made the judgment of the trend of multi-polarity, which has been widely echoed in the world. However, with the dissolution of the Soviet Union and the end of the cold war, especially in the 21st century, in view of the changeable hegemony of the United States, there have been frequent statements at home and abroad denying the multi-polarity of the world. When Trump administration and Biden Administration listed China as a major competitor or even enemy, the bipolarity of China and the United States was echoed and had a very bad impact. In the Joint Statement of the Russian Federation and the People’s Republic of China on the International Relations Entering a New Era and the Global Sustainable Development released on February 4, 2022, special emphasis was placed on the development of world multipolarity, It is pointed out that the development of multipolarity, economic globalization, the advent of information society, cultural diversity continue to develop, transformation of the global governance architecture and world order continues to advance, the interrelation and interdependence of countries have greatly deepened, a trend has emerged towards redistribution of power in the world; and the international community is showing a growing demand for the leadership aiming at peaceful and gradual development.

      The Russia-Ukraine war is the largest hot war in Europe after World War II. In fact, it is a strategic contest between Russia, the United States and the Western camp. It is also a geopolitical and economic struggle in the world. It has a huge and far-reaching impact. Europe has once again become the main battlefield of the strategic competition between the United States and Russia. It is doubtful whether the strategic focus of the United States can really shift to Indo-Pacific region. The United States has been provoking Russia's bottom line, provoking European-Russian relations and fanning the flames of war, sending troops and arms to Europe before the war, providing military assistance to fuel the flames when the war started , and its intention to prolong the war is very obvious. President Putin made it clear that Russia is fighting for the right to exist and wants to retain Russia. While the United States is fighting to maintain world hegemony and control Europe. Uncertainties in the changing pattern of international relations have further increased, the world has entered a period of intense turbulence, the slightly recovered world economy is under severe pressure, and the energy and food crisis and the haze of hyperinflation are gathering rapidly. The Russia-Ukraine war not only made the United States military-industrial complex and Wall Street financial capital gain huge benefits, but also made the European Union, which was still in shock of the "Kabul moment", tied to the American chariot again and became the direct victim of the conflict between the U.S. and Russia. Vincent Desportes, former director of the Ecole de guerre and affiliate professor at Sciences Po - Paris, wrote that Europe can only face the biggest crisis after World War II alone.

      At present, the global financial system is facing systemic security problems and strong requirements for the reform of regulatory system. The European financial security system not only has the historical heritage left by a series of regulatory mechanisms represented by the Basel Agreement as the endogenous driving force, but also has the anti money laundering problems caused by transnational crimes such as illegal immigration, drug trafficking and smuggling, which force the improvement of the European anti money laundering Convention and financial regulatory system. The Paris climate agreement signed in 2015 mentioned comprehensively and publicly for the first time the integration of financial flows with low greenhouse gas emissions and climate recovery. As an important department providing credit services, banks are an important participant in the above fields. However, at the same time of the green finance initiative, banks have also faced their own multiple financial risks. Thus, green finance, as another major financial risk issue, tests the governance ability of the European financial system together with the above issues.

      The carbon border adjustment mechanism (CBAM) is an important measure for the EU to promote the European Green Deal, which aims to avoid carbon leakage. The Proposal for a Regulation of Establishing CBAM sets up a series of institutional requirements, such as CBAM declarations and CBAM certificate purchase for the goods from third countries. Its legitimacy has been widely questioned by the international community. In essence, EU CBAM is a disguised "carbon tariff" imposed under the pretext of solving climate problems. It is a unilateral measure with the effects of trade protectionism that does not comply with WTO rules. Although the establishment of CBAM is the result of the EU showing its climate ambition, it unilaterally erecting new "green trade barriers", which will adversely affect the international trade order and global climate governance. If it is implemented, it will help the EU reduce the risk of carbon leakage, but it will play a limited role in promoting global carbon emission reduction and mitigating climate change. The challenge that climate change brings to mankind is a global problem, and multilateralism is the only solution.