I’m reprinting this Melbourne Age August 21, 2006 article on China, by Professor Victor Bulmer-Thomas, as another take and an authoritative one, on the rising hegemony of that country:
Since the collapse of the Soviet Union 15 years ago, there has been only one megapower — the United States. For the first 10 years, the dominance of the US was seen as a great opportunity to rebuild the global institutional architecture in favour of a more democratic, rational and equitable system.
The United Nations, partially crippled during the Cold War by superpower rivalry, acquired a new lease of life and UN peacekeeping operations multiplied.
In the past five years, however, US hegemony has been viewed much less favourably with opinion polls across the world recording unprecedented levels of distrust of the US Governments throughout the world.