30 years after the end of the Cold War, a new one is beginning - between China and the West, says leading economist Paul Tucker, a former deputy governor of the Bank of England, Bloomberg writes..

As a beefy China seeks to reshape trade and geopolitical structures in its own image, the US and many of its allies face a key challenge: keeping Beijing on board through trade agreements and efforts to slow global warming while not compromising democratic freedoms..

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Many years ago, world leaders could determine their own monetary policy, national security policy and human rights policy, but today these things are all interconnected, and everything has become more complicated, says Tucker.

This new reality became apparent when the G7, in response to the Kremlin's war against Ukraine, froze Russian foreign exchange reserves held in Western banks, Tucker says..

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He predicts that developing countries will eventually overthrow the existing world order, creating one in which the US, Europe, and Japan will no longer play a leading role..

In this new iteration, international trade and diplomatic structures will have to be completely overhauled.. But, according to Tucker, this is still a few decades away, because although China is already a world power, India and some other developing countries are still far from such status..

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Tucker believes that in the coming years, China will try to have much more influence on world trade and politics, which is a real concern for the West, as Beijing tends to prioritize Communist Party control over civil liberties..

According to him, world leaders will have to walk a fine line in dealing with Beijing, cooperating with it on pressing global issues and distancing itself from others..

“I think the bottom line is that China is too powerful for the US and its allies to tell it how to rebuild its society,” Tucker says.. “Nevertheless, the West should find common ground with him where possible.”.

Recall, the US Senate unanimously approved a law banning the use of TikTok on state-owned phones and devices as part of a push to combat security concerns related to the social media company owned by China..