Opinion | Are business leaders ready for a new world order with China at the fore?

The world is changing. Geopolitics, economics, technology, climate, public health and demographics are all shifting, triggering huge uncertainties. A new world order is taking shape and China’s rise to become a major economic power is a key driver behind the tectonic shifts.

Business decision-makers are baffled by the myriad of questions they need to answer. Is deglobalisation for real or will globalisation, albeit in a different form, continue to prevail and even grow? Is decoupling feasible? If yes, to what extent will it happen and how long will it last? How will new technologies change the way businesses are run? Too many questions, too few answers.

China’s expanding influence has manifested itself in several ways, including the deal it brokered between Iran and Saudi Arabia, the role it is playing in pushing for peace between Russia and Ukraine, and the leadership it is providing in regional blocs such as BRICS (Brazil, Russia, India, China and South Africa) and the Shanghai Cooperation Organisation. On May 19, China and five Central Asian countries signed a landmark declaration agreeing to build a community with a shared future.

China continues to be a major contributor to global economic growth and is a major trading partner to most countries in the world. Technological innovations in China will continue to advance across many areas such as fintech, new energy, renewables, intelligent manufacturing and life sciences, using key technologies such as artificial intelligence, blockchain, quantum computing and new materials. Progress will also be made in high-end chips, and many suspect that US sanctions may not be sustainable.