Signals of China’s rise:
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In the financial sphere, China will soon become the world’s largest economy.
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For the first time, the Fortune Global 500 list contains more companies based in China, including Hong Kong, in comparison to the U.S.
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There is a possibility that the Chinese renminbi becomes a global reserve currency or e-yuan becomes the currency of digital payment. For example, the BRI countries are using the renminbi in financial transactions with China.
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Despite the sanctions imposed by the US, the EU created its own cross-border clearing mechanism for trade with China. All these developments signify the rise of China over the U.S.
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China is now the second-biggest financial contributor to the UN.
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It has published more high-impact research papers than the U.S.
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It has also enhanced its ‘soft power’ similar to the levels achieved by the U.S.
How India is maintaining its Strategic autonomy?
India pursues its strategic autonomy more effectively than ever in the historical past. For example,
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India has a “special and privileged strategic partnership” with Russia and a “comprehensive global strategic partnership” with the US.
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India is involved in both the Shanghai Cooperation Organization led by china against western interests and in the US-led Quad, against China.