China's Growing Industrial Power Reshaping Global Economy

China's ascent in technology and global influence, known as the 'second China shock,' is reshaping the world economy and politics, impacting Southeast Asian nations closely tied to China's economy. Beijing's focus on advancing domestic science and technology capacities is evident in prioritizing these areas over GDP growth, aligning with Xi's emphasis on 'common prosperity' and strengthening manufacturing. In the Middle East, China's strategic partnerships with Saudi Arabia and Iran signal an increasing influence, posing challenges for the US in maintaining sway over oil-producing countries. Concerns about a potential World War III are growing, with nuclear-armed powers and alliances like an 'axis' of autocracies (Russia, China, Iran, North Korea) posing threats to the global order. Taiwan's strategic importance in aiding India's integration into new supply chains is underscored by security challenges from China, driving efforts for closer bilateral ties and risk mitigation strategies against the PRC's expansionist ambitions.