TIANJIN, Sept. 1 (Xinhua) -- Chinese Foreign Minister Wang Yi said Monday that the Global Governance Initiative (GGI) proposed by Chinese President Xi Jinping came at the right time as the world is fraught with challenges including frequent regional unrest, slowed economic growth and the rise of anti-globalization.

Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks when meeting the press together with Shanghai Cooperation Organization Secretary-General Nurlan Yermekbayev.

The GGI, put forward by Xi at the "SCO Plus" Meeting, highlighted five principles -- adhering to sovereign equality, abiding by international rule of law, practicing multilateralism, advocating the people-centered approach, and focusing on taking real actions.

The spirit of the initiative is in line with the purposes and principles of the UN Charter, Wang noted.

It also aims to firmly support the UN's central role in international affairs, and to encourage countries to participate in the reform of the global governance system by relying on multilateral mechanisms such as the United Nations, thereby more effectively addressing challenges, he added.

The GGI marks the fourth landmark global initiative proposed by President Xi in recent years, following the Global Development Initiative, the Global Security Initiative and the Global Civilization Initiative, Wang said.

These four initiatives inject stability and certainty into a turbulent world, reflecting China's active role and sense of responsibility in international affairs, he noted.

China will continue to uphold multilateralism, championing unity over division and cooperation over confrontation, the foreign minister said.

China will enhance coordination with the UN and all parties to implement the GGI and promote a more just and equitable global governance system, he added.