The economic turmoil due to the corona virus has signalled a new world order. With the corona virus countries are hardly being able to solve their own country problems let alone provide global leadership. America has been the world leader in Financial Services and planning in the world. IT provides the world the much needed leadership. This Financial leader also accounts for 1/4th of the world economy.
With the corona virus pandemic the world has seen what China is capable of doing and it will show the world what it is capable of. The new leadership is still on its way to define itself. America the global leader has paved its way for becoming the major financial giant controlling most of the systems like SWIFT and others as most of the finances run through the American system, America chokes all the others who are non US allies.
China however has managed to pave way for itself and its 1.5 billion users by enabling such systems and processes that it can not only block the users who do not comply with Chinas policies but also provide impetus to its own economy by having enough user base to no be affected by any other country or its monopoly.
financial and tencent are already expanding in other regions of the world. Alipay and Jakma's newest money lending venture already has penetrated systems worldwide. Thus how long America will be able to hold its power in terms of financial giant is yet to be seen.
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