Hong Kong could position itself as a magnet for international organisations and lead on setting standards, according to analysts who have weighed in how the city can contribute to Beijing’s global governance reform after the publication of a new white paper expanding on that initiative.

The white paper published by China’s State Council on Wednesday, titled “More Just and Equitable Global Governance: China’s Principles, Proposals and Actions”, outlines the country’s vision for reshaping international institutions and expands its Global Governance Initiative unveiled last September.

According to the white paper, China said global governance was at a “critical crossroads” as the international system established after World War II had been disrupted by multiple crises.

The country saw no need to “rebuild” or “replace” the existing international system but supported changes that were “more compatible and aligned” with realities today.

“As the world enters a new period of turbulence and transformation, we need to reinvigorate multilateralism, uphold rules and the rule of law and improve the effectiveness of governance more than ever,” China’s top diplomat Wang Yi said on Wednesday.

Kenneth Wong, director of the University of Hong Kong’s (HKU) school of governance and policy, said the paper had arrived at a moment when rules-based institutions needed reinforcing.