The United States, after World War II, became a hegemon and the primary superpower in a uni-polar world. However, in recent decades there has been a challenge to the uni-polar global order in the form of China. Multipolarity means that there are multiple influential powers in the world, rather than uni polarity or bi polarity.
China is growing to be an economic superpower as the rise of the BRICS has meant that economic power is 'transitioning' from West to East according to theorist Joseph Nye. With China's economy set to overtake the USA's in 2016 as researched by the International Monetary Fund (IMF), growth is seemingly exponential in most of the BRICS. The establishment of a 'new development bank' is a way for the countries promoting multipolarity to build upon infrastructure, fund projects and distribute resources as the efforts of China and Russia strive for a multilateral global order. Multilateral being the "international governance of the many." as defined by Miles Kahler.
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| Graph showing China's economic growth in comparison to the United States between 1980 and 2030 |
In reference to Russia, the China - Russia Constructive Partnership Agreement of 1994 (China - Russia Strategic Agreement of 1996) promoted the belief of both countries not only in terms of a partnership between nations, but the importance of the presence of multipolarity in a world to achieve a fair and just society which was at that time uni-polar - and is still considered to be led by the United States in the current decade.
Overall, China is in a position to overtake the United States and other global actors in terms of hard power such as economy, however, it fails to establish itself in other ways which make it difficult for the nation to become a global superpower rather than a regional one. For instance, it lacks the influence of human rights, prominent allies, acts of diplomacy and the use of 'soft' power or 'smart' power.
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