It is largely known that China has been the world’s runner-up for some time when compared to the USA in terms of Global GDP. Xi Jinping’s recent re-election (for a third term) and his potential trip to Russia early next week have given China even more of the spotlight. Xi’s consolidation of power in China is clear and now his influence is definitely expanding – are we seeing a change in the world economic order?
That’s a big question for a Friday!
I can see the China is trying to gain greater influence over Russia, while also not creating any overt conflict with America. I think if we were seeing a New World Order China would be supplying Russia with arms and would be criticising the West.
It seems to me more a case of the Old World Order being strengthened. The West is more united, and economically a lot stronger as a result. There has been talk of the dollar collapsing and Renminbi taking over - at the moment that doesn’t seem to be any closer and so I’m not looking to exit US positions due to current geopolitical issues.