By Timofey Bordachev, Program Director of the Valdai Club
The dramatic events of the first months of 2026 offer a useful lens through which to assess the evolving role of the world’s major powers. Among those often cast as architects of a new international order, China stands out, arguably even ahead of Russia and the United States, both of which remain preoccupied with their rivalry in Europe.
For decades, China’s rise has been one of the central forces shaping global change. As far back as the late 20th century, Henry Kissinger argued that China’s growing importance would prove more consequential than even the end of the Cold War. That judgment now appears prescient. Drawing on vast domestic resources and sustained inflows of foreign investment, Beijing has, in a remarkably short time, established itself as a leading economic power and a confident political actor on the global stage.
A decisive step in this transformation came with the launch of the Belt and Road Initiative in 2013. This ambitious project was designed not only to expand China’s economic reach but to position Chinese capital and infrastructure as the engine of development across entire regions. For many countries in the Global South, it offered an alternative to Western-led models, which have often been accompanied by political conditionality.
In parallel, Beijing has advanced broader concepts such as a “community of shared future for mankind” and new approaches to international security. These ideas have found receptive audiences among a wide range of states in Asia, Africa, and Latin America, particularly as China has deepened its investment presence and become an indispensable economic partner.
Against this backdrop, China has increasingly been viewed as a credible alternative to the United States and the West more broadly. Western powers, after all, have long been accused of cloaking self-interest in the language of liberal economic ideals. China, by contrast, has emphasized non-interference and support for political stability in partner countries. Whether entirely accurate or not, this perception has strengthened Beijing’s appeal.
At the same time, China’s growing capabilities have generated rising expectations. Many countries now look to Beijing not merely as a partner, but as a counterweight, or even a potential successor, to Western leadership. Such expectations are partly a product of Western rhetoric itself, particularly the long-standing American claim to global responsibility. They also reflect the desire of many states to diversify their strategic options.
By the time the current phase of global restructuring began, China was widely seen as a power comparable to the United States in its ability to influence events far beyond its borders. Yet recent developments suggest a more cautious reality.
In the face of escalating international tensions, China has consistently refrained from intervening where its core interests are not directly at stake. These interests, it is increasingly clear, are concentrated primarily in its immediate neighborhood. Beijing’s response to events in 2026 illustrates this approach. It reacted calmly to the US strike on Venezuela, despite close ties with the country’s leadership. It has also avoided significant involvement in Cuba’s deepening crisis, even as the island faces unprecedented external pressure.
The same pattern is visible in the Middle East. Following US and Israeli actions against Iran, China has maintained a notably restrained position. This is striking given Beijing’s reliance on Iranian energy and Iran’s membership in organizations such as the Shanghai Cooperation Organization and BRICS. Rather than confronting Washington directly, China has focused on maintaining dialogue and protecting its broader strategic interests.
For some observers, this restraint raises questions about whether China is living up to the expectations placed upon it. But from another perspective, it reflects a deliberate and coherent strategy. China appears intent on avoiding direct confrontation with the United States, instead seeking to outmaneuver its rival over the long term.
Such an approach is not without risks. If Washington achieves success in its current initiatives, its confidence may grow, potentially bringing greater pressure to bear closer to China’s borders. In that scenario, Beijing could find itself facing a more assertive adversary in its own immediate environment.
At the same time, China’s current posture invites a broader reconsideration of how great powers define their interests. One of the enduring principles of international relations is that the greatest threats to major powers tend to come from within, rather than from external actors. From this perspective, China’s focus on internal stability and sustained economic growth is both logical and necessary.
Indeed, by maintaining domestic cohesion and economic momentum, China may ultimately draw other states into its orbit, not through coercion, but through the force of example and opportunity. Yet this strategy has its own vulnerabilities. Unlike Russia or the United States, China lacks abundant domestic energy resources and remains dependent on external supplies. This dependence introduces a degree of fragility into its broader geopolitical position.
Ultimately, for a power of China’s scale, the disruption of foreign economic ties could prove deeply destabilizing. A loss of geopolitical standing that limits access to global markets and resources would go beyond simply weakening China externally, it could undermine the internal stability that its leadership prioritizes above all else.
In this sense, China faces a fundamental dilemma. To withdraw too far into its own sphere of influence risks exposing the limits of its economic self-sufficiency. But to engage too deeply in global conflicts carries the danger of overextension.
For now, Beijing has chosen caution. Whether this strategy will prove sustainable in an increasingly volatile world remains to be seen. What is clear, however, is that China’s dependence on the global economy will shape its choice, and their consequences, for years to come.
This article was first published by the Valdai Club and edited by the RT team.
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