In his new book, Eclipse: Living in the Shadow of China’s Economic Dominace, Arvind Subramanian [Senior Fellow jointly at The Petersons Institute for International Economics and The Centre for Global Development] presents the following possibilities: What if, contrary to common belief, China’s economic dominance is a present-day reality rather than a far off possibility? What if renminbi’s takeover of the dollar as the world’s reserve currency is not decades, but mere years away? And what if the United State’s economic pre-eminence is not, as many economists and policymakers would like to believe, in its own hands, but China’s to determine?
Gateway House hosted Arvid Subramanian and Subir Gokarn [Deputy Governor, Reserve Bank of India] to speak on the topic of China’s economic rise and strong potential to become the world’s leading superpower. The discussion covered topics including how India should react to and prepare for such an outcome, the effects of China’s dominance on the United States and Europe, debate on China’s likeliness to change the current global economic structure or allow the system that led to its rise to persist, and China’s future role in institutions like the IMF.