Abstract: The article is devoted to topical international issues regarding the reform of the system of global governance, in the solution of which the work of international organizations and leading states of the world is involved. Speaking as influential players of modern international relations, China and Russia are striving to be active in resolving the pressing problems of our time through participation in the processes of multilateral diplomacy. The article will consider the approaches of state diplomacy within the framework of the International Monetary Fund and the World Bank in addressing the financial and economic aspects of global governance. Analytical and systematic approaches were used as a methodological basis. Such a methodology allowed the most reasonably and objectively review and analyze the problems of the article, namely, the reasons for the intensification of foreign policy of states in matters of global governance and the immediate results of China and Russia on the problem of reforming world financial institutions. The author comes to the conclusion that the activities of China and Russia in the framework of reforming the global governance system, despite their protracted nature, remain one of the most important mechanisms for improving the global financial system, as well as bilateral interaction on a global scale, once again demonstrating the high degree of influence of states on the international the arena, as well as the strengthening positions of the developing world.  

Keywords: developing countries, global financial crisis, cooperation, Russia, China, global governance, World Bank, IMF, reform of the international institutions, alternative institutions