Why in news?
- After 200 years, Asian economies are again larger than the rest of the, world’s combined. As India and china resolve their border dispute, Asia is providing the multilateral alternative to the world divided by values, and no longer by ideology.
- As the world leader in digital transactions China is developing block chain based financial infrastructure in BRI countries and exploring an international block chain currency for digital settlements without relying on the dollar, thus reducing U.S. leverage
Implication of the rise of China
- NATO has recently discussed the implications of the rise of China; China, like India, is not part of any collective security system
- Threat for the global leader position of USA.
- India is skeptical about the predatory economics and rise of military power of China, tilting the power balance in Asia.