In the new world order, market power trumps military might. Can China compete?
Changing metrics of competition are reshaping the international systems built around Western dominance, analysts say
China needs to adapt to a more competitive global environment driven by market power, technological innovation and institutional leverage, according to analysts at a leading Beijing-based think tank.
These pillars were more critical than conventional military dominance or strengthening territorial control in the great power rivalry, particularly as Beijing sought to project itself as a stabiliser in an increasingly fractured international order, the analysts added.
He said these factors were rapidly reconfiguring global supply chains and innovation networks and exposing the limits of an international order built around Western industrial and financial dominance.