A 4-part structured essay with a clear outline in the introduction.
Please explore as many arguments as possible within the given format. Here are 3 potential themes for the first 3 parts :
the economic argument: China’s economic and life conditions improvements, its crony capitalism, the financialisation of its economy and leverage into the worlds financial markets via Hong Kong, a global and sovereign investment strategy (Foreign Direct Investments a clear long term vision for the country and the future of global trade; The Belt Road Initiative (which Italy has been supporting), easy access to consumers goods and credit for the rising middle class. The world is ditching the US dollar for trade and commerce and US-based imperialism and hegemony to embracing the BRICS, its monetary system and expansion, it is the only organised and credible alternative to the US-led world order and to create a fairer-based order which promotes multi-lateral collaboration for a multi-polar and balanced order
the geopolitical argument: the soft power of China, its cultural diplomacy via open and elitist academic programmes, language and intellectual exchanges(Confucius Institutes and Chinese cultural centers across the globe) , popular tourism place for Western and digitally-connected youth, China’s multi-lateral view of the world’s balance of power (not an aggressive,hegemonic and dominant view of international relations unlike the US), the modernisation of Chinese institutions and the obsolescence of US-funded international organisations created by the Bretton Woods agreement (debt packages from the IMF, central banking monetary policy and a difficult banking landscape to navigate since the Great Financial Crisis in 08), the economic activities and economic development aid and policy of China in Africa, like Russia China is becoming a strong ally for African countries and a solid and reliable alternative to the deception/lack of progress caused by working with former colonial forces (France, UK) and the US, ultimately having the upper hand
the technological argument: the monopoly of China on rare earth metals reserves and production, China and Taiwan’ s chip equipments manufacturing firms (causing geopolitical tensions), China’s main strengths are its large market demand for chips, its large number of trained engineers in chip design and logic process technology as well as government support. China’s industrial weaknesses are the key inputs, Electronic Design Automation, and especially capital equipment. Government support is also a double-edged sword because it has encouraged excessive government intervention within the management of firms and allocated capital based on metrics other than performance.
China greatly invested in research and production of renewables and pro-innovation policies amongst its scientific and higher education institutions, a vast pool of existing human capital. Today China is the biggest renewable energy producer worldwide – and it is set to reach its solar and wind goals 5 years earlier than planned*
(*https://amp.theguardian.com/
China leads the world in 37 out of 44 critical technologies, with Western democracies falling behind in the race for scientific and research breakthroughs, a report by an Australian think tank has found.*
4th part: Nuance the key points mentioned in the 3 first parts to highlight and discuss China’s weaknesses and challenges
Finish with a nuanced conclusion summing up the facts and arguments, strenghs and challenges for China replacing the US-dominated global economic governance