The world has witnessed much disturbance in the wake of the jingoistic international orders which were aimed at bringing death and destruction in the whole world. One part of the world has been bleeding in one way while the other was burning in a different way. However, the death and misery became the fortune of the world, which is now longing for rest, peace, and tranquility. Interestingly, the upcoming international order is transforming into the China led sphere of influence and authority.
There are many reasons why China seems to lead the world order in the days to come. China is maintaining most elements of the current global order, including U.S. leadership. It is convincing the USA to let other greater powers to exercise their respective weight age at international decision-making. It is systematically improving and establishing rules and institutions to meet 21st-century challenges and is desirous of replacing the existing mechanisms. China is intending to improve the collective security arrangements and institutions that will contribute to global stability and the security of individual nations.
It is carrying out its objective of bringing about global governance reforms through a trust-building method. It is building bilateral and multilateral ties with the emergent world using terms such as "win-win" relationship, South-South cooperation, and "strategic partnership" diplomacy to win their trust. China strives for a greater weight for the developing nations in U.S.-led global institutions. It is implementing its own schemes of international importance by generating a consensus in the global South.
China introduces the parallel mechanism of development finance through institutions of the AIIB and the NDB to challenge U.S. domination. The New Development Bank, the Asia Infrastructure Investment Bank, and South-South Cooperation fund, able to offer development finance worth $50 billion, $100 billion, and $20 million respectively are the examples.
China attempts to oust the discontent among developing nations. At the same time, China is shifting its heavy investment of capital in the above-said institutions due to US refusal to give it due to power in World Bank and IMF and also to increase the country's economic power.
China has achieved many milestones. It has moved forward towards multilateralism. It is obviously in a position of challenging U.S. hegemony. Its features of dramatic economic rise, military modernization, and technological enhancement have enabled it to seek a superpower status at par with the United States. Therefore, it is required to play a tremendous role in maintaining peace in the conflict-ridden world.
Obviously, it is required to seek greater authority for the developing nations. It is also required to ensure the establishment of a new just, peaceful and stable international order that would primarily be dominated by China. It has to maintain peaceful and stable world order for its own survival. Otherwise, the paths of conflict and instability like its predecessors would not let it sustain its super-power status.