As COVID-19 pandemic ravages the world，the international configuration is undergoing profound changes，and the global governance system is increasingly complicated by the competition between major powers. The United States returned to alliance politics and multilateralism to some extent，intending to put China under “confinement” through international rules；Competition and cooperation exist within the framework of global governance. The decline of multilateralism has made institutional complexity more apparent. Under the influence of hegemonism and alliance politics，the reform of the United Nations and WTO has made difficult progress. The G7 became a tool for the US to create an “exclusive clique”，while G20 was placed great expectations by international society. Regional integration is making steady progress，and global multilateralism may suffer. In face of emerging challenges in global governance，the world should deal with it by following a just，reasonable and neutral multilateralism. Cooperation should be more pragmatic，ideological disputes should be abandoned and the reform of global governance mechanism should be completed as soon as possible.