President Donald Trump’s summit with Chinese counterpart Xi Jinping ended last week without a major breakthrough, but still achieved Beijing’s goal of putting itself on equal footing with the U.S.
Meanwhile, China’s industrial might continues to drive export dominance, its AI is nearly on par with the top models, and its military is increasingly advanced.
With the U.S. bogged down in Iran, alliances fracturing, and debt soaring, the narrative on America has pointed in the opposite direction, namely a superpower in decline.
“But in at least one field — financial competition — the opposite is true. China is stagnating, allowing America to dominate by default,” Ruchir Sharma, chair of Rockefeller International, pointed out in a Financial Times op-ed.
The history of the world’s previous empires shows that increasing economic clout typically leads to a currency taking a greater share of global reserves, he noted.
