China in the New World: Why Global Companies Must Put China at the Core of Their Global Plans

The globalization that swept across the world from the 1990s to mid-2010s is over. In its place have come growing protectionism, geopolitical tensions, and a decline in the importance of multilateral bodies such as the World Trade Organization. But while many countries are now turning in on themselves, one continues to turn outwards: building on its achievements of the last four-plus decades, China is now engaging with the world like never before. In today's increasingly multipolar world, China's influence is on the rise. Its leading companies, tempered in China's large and hyper-competitive markets, now stand at the forefront of technological change and innovation across an increasing number of industries. Building on its dominance of global manufacturing, China is becoming an exporter of capital, technology, services, and knowledge. Across many industries, its companies are becoming the setters of global standards. Its advances in artificial intelligence, blockchain, and big data are making it central to the development of next-generation supply chains. Its advances in financial technologies, combined with the increasing internationalization of the renminbi, are putting it at the heart of new cross-border payment and settlement systems. In China in the New World, Edward Tse explains how China became the economic power it is today, how its role in global business will continue to expand, and how companies must rethink their global strategies in what will be an increasingly China-relevant global economy.