New world order to shake up power relationships

The changing geopolitical landscape is a setback rather than a hurdle to globalization, and extra caution will be needed to rebalance the international order, according to foreign affairs experts.

President of the China Institute of International Studies, Su Ge, said the United Kingdom's departure from the European Union and Donald Trump's victory in the United States had complicated the situation, so had the political inconsistency in the Middle East, the Asia-Pacific and, even Europe.

The evolving world order would have a profound effect on major power relationships, he said. Su's comments, made at a Sunday seminar hosted by the Beijing-based Pangoal Institution, resonated with other attending academics who share his concerns about the political watershed.

Cui Liru, former president of China Institutes of Contemporary International Relations, said the current disorder is a result of structural changes in the US-led global governance.

"The disorder has actually lasted for a while and was recently put in the limelight as it began to make inroads into developed countries, the heartland of global order," he said. "The emergence of anti-globalization forces also contributed to the collapse of the old system, as shown in this year's US presidential election."

Cui added that Trump's "America First" slogan reflected the fact that Washington is struggling to sustain its global hegemony and is facing competition from developing economies. These factors have contributed to the rise of populism at home.

But that does not mean the US will relinquish its role as a global hegemon and the sole superpower, Su said.

"Rather, adjustments will be made by the Trump administration to maintain, even strengthen, the US presence in the Asia-Pacific as well as Europe and the Middle East."

"On the one hand, all countries are expected to prioritize economic recovery through efficient global governance mechanisms, because their economic inter-dependence and inter-connections are irreversible," Cui said. "On the other, the demand for risk management is striking, especially when a new world order is yet to take shape."

The tide of globalization has turned, however, in a "negative" manner, Huang Renwei, vice-president of the Shanghai Academy of Social Sciences, said.

"That said, as Washington readjusts its global strategy and outreach, major power relationships like the one between China and the US would witness not just cooperation but also more competitions and even clashes."