Quote from bearice:
Ever since the rise of China as a global superpower nobody gives importance to USA. Pakistan had said "we have a strong ally in China". After the global financial crisis no country fears USA.
China Now Runs the World, Soros Says
China is now the engine that runs the world, relegating the U.S. to second fiddle in both economic power and global influence, says George Soros, the billionaire investor renowned for his ability to anticipate and capitalize on emerging economic trends.
"The shift is phenomenal - I have never seen anything like it," Soros said at a New York event hosted by Reuters. "There is no parallel because the rise of power typically takes decades."
The financial crisis in the U.S. accelerated the power transfer by shutting down the U.S. consumer, whose historically voracious demand previously powered the global economies. Now China is in the driver's seat and the world is running on a supply-side engine, Soros said.
"The Chinese economy has become the motor of the global economy," Soros said. "This is a smaller motor (than the U.S. consumer) and that's why the global system is not growing as fast."