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.