Epilogue
China, the West, and the World
We have examined the three major dimensions of the West-to-China economic power shift.
First, China is rapidly elevating its role as the world’s leader in manufacturing production and merchandise exports. As far as the might of the state is concerned, it has also emerged as a leading financial power. It is becoming an increasingly important player in high-tech industries and R&D. Its service industries are growing fast as well, but in this area the West retains a noticeable lead.
Second, in the wake of the global—or rather Western—crisis of 2008–2009 and in its aftermath, the Chinese economy has proved to be structurally stronger than most economies in the West. It is resilient to the structural diseases the West failed to prevent several years ago. China’s macroeconomic condition is also much better. The Chinese model of state-private capitalism has displayed its strong points.
Third, in almost all the major areas where economic interests of China and the West clash, China is showing a remarkable ability to make things go in the direction it wants them to. This is often achieved by imposing unequal conditions of competition: The playground where the China-West competition game is played is often inclined toward the West’s goal.
China is changing history, economic history included. The largest country on earth with the most rapidly growing economy and dramatically increasing global clout has established a unique position in the world.
