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China has played a central role in the previous phase of hiper-globalization but also in the ongoing phase of slowbalization, characterized by the decreasing size of global value chains which started after the global financial crisis in 2008. More recently, US-China strategic competition is contributing to the slowbalization process, especially in the technology space. Against such backdrop, China is reducing its dependence on the outside world, betting on technological self-reliance and working hard to build its own ecosystem. However, such trend does not mean isolation; on the contrary, China actively shapes its unique form of globalization by creating its own neighbourhood or area of economic influence. A prominent example of this effort is the Belt and Road Initiative (BRI), which aims at increasing China’s soft – and possibly hard – power with a hub and spoke approach.

China’s Central Role in the Globalization and Slowbalization Trends