Analytical Review of China’s Rise in the Contemporary World System

Abstract

There have been a number of “plausible” myths concerning the rise of China, such as the era of “G-2,” an upcoming “Chinese century,” and a possible “Thucydides trap” involving the United States and China. No matter how the international community views China’s economic success, its rapid rise presents problems and issues, regionally and domestically. In a competition or an uneasy standoff between these two nations, the United States seems to have the upper hand. In this context, the creation of the Asian Infrastructure Investment Bank (AIIB) is less a direct challenge to the United States’ leadership in the world financial system, than a choice reflecting China’s “cautious confidence.”