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Seen from the Chinese capital as the Year of the Sheep starts, the malaise affecting the West seems like a mirage in a galaxy far, far away. On the other hand, the China that surrounds you looks all too solid and nothing like the embattled nation you hear about in the Western media, with its falling industrial figures, its real estate bubble, and its looming environmental disasters. Prophecies of doom notwithstanding, as the dogs of austerity and war bark madly in the distance, the Chinese caravan passes by in what President Xi Jinping calls "new normal" mode.
"Slower" economic activity still means a staggeringly impressive annual growth rate of 7% in what is now the globe's
leading economy. Internally, an immensely complex economic restructuring is underway as
consumption overtakes investment as the main driver of economic development. At 46.7% of the gross domestic product (GDP), the service economy has pulled ahead of manufacturing, which stands at 44%.
Geopolitically, Russia, India, and China have just
sent a powerful message westward: they are busy fine-tuning a complex trilateral strategy for setting up a network of economic corridors the Chinese
call "new silk roads" across Eurasia. Beijing is also organizing a
maritime version of the same, modeled on the feats of Admiral Zheng He who, in the Ming dynasty, sailed the "western seas" seven times, commanding fleets of more than 200 vessels.
Comment: In 2011 Hillary Clinton, then Secretary of State, wrote, "The future of politics will be decided in Asia." It's been clear, however, that the US 'pivot' has not meant working towards equitable relations with China, but rather an effort to contain, dominate and grow US hegemony over the region. It's a policy that has been met with total failure. US influence is on the decline as the world grows tired of it's liberal economic agenda and it's pathological machinations that seek to usurp power and resources.