"In January 2009, when I started writing the book China and the Credit Crisis: the emergence of a new world order, I could see that the financial crash of September and October 2008 had seriously weakened US financial power, and that some big changes would follow as a result. What I did not know then was how long these changes would take, nor did I realize that Europe had been as badly affected as the US by the boom and bust of the first eight years of the millennium. . .
The latest G20 summit has shown that the post-1945 US-dominated world has gone for ever, to be replaced by something quite different - a multilateral world in which many different countries will increasingly be able to express their particular concerns, viewpoints and interests, supported by the financial power of the large emerging economies.
Whether this new world order turns out to be better and more stable than the one it replaces depends on the wisdom and far-sightedness of its leaders. Among these China will count as pre-eminent."
Whether this new world order turns out to be better and more stable than the one it replaces depends on the wisdom and far-sightedness of its leaders. Among these China will count as pre-eminent."
The author is a visiting professor at Guanghua School of Management, Peking University. The views expressed do not necessarily reflect those of China Daily.
See the complete editorial at http://usa.chinadaily.com.cn/weekly/2012-06/22/content_15518521.htm
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