China’s New World Order
After decades of participating in international economic institutions, China is beginning to use its clout to reshape global governance, beginning with the establishment of the Asian Infrastructure Investment Bank. But, given deep mistrust between China, its regional neighbors, and the US, its success is far from guaranteed.
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SEOUL – China – already the world’s largest exporter, manufacturer, and international-reserve-asset holder – is poised to overtake the United States as the world’s largest economy (measured according to purchasing power parity) this year. Now, it is using its growing clout to reshape global economic governance. Indeed, the country’s days of following Deng Xiaoping’s injunction to “hide brightness and cherish obscurity” are long gone.