Wendy, here is a more economically erudite explanation of why China is not going to be the New World Order any more that Japan was as some in the US feared. Without Xi they might have had bit of a better chance. You have to fund New World Orders and that is what The Economy is all about.
I don’t know if this one by Joseph Stiglitz applies, I haven’t watched it yet. The Sun is out, time to take a walk.
The Captain