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1 1. (Fukuyama, 1992).

2 2. IMF data, which can be accessed at: https://data.imf.org. Figure given is for 31 December 2020.

3 3. A ‘Gilt’ is the common term used for a British government bond.

4 4. (Rajan, 2019, p. 248).

5 5. See, for example, (Klein & Pettis, 2020) and (Magnus, 2018).

6 6. See (Kolodko, 2020).

7 7. (Saunders, 2020).

8 8. China conducted a series of live-fire exercises in the Taiwan Strait in the run-up to Taiwan's presidential election on 23 March 1996 to express displeasure at the apparent independence leanings of Taiwanese President Lee Teng-hui (李登辉).

9 9. (Yergin, The New Map: Energy, Climate, and the Clash of Nations, 2020, p. 138).

10 10. (Wong, 2015, p. 14).

11 11. (Naughton, 2020, p. 129).

12 12. (Wong, 2015, p. 14).

13 13. In 2018, before worsening Sino-US relations and the 737 Max recall affected its sales, China accounted for 13.6 percent of Boeing's worldwide revenues. Notwithstanding ongoing trade tensions, China contributed 18.8 percent, 11.0 percent and 9.3 percent, respectively, of the worldwide sales of Nike, Starbucks and Disney in 2020.

14 14. See (Magnus, 2018) and (Mahbubani, 2020).

15 15. HKEX and Dealogic data for the 10 years up to 31 December 2020.

16 16. For the 10 years ending 31 December 2020, Mainland China-listed A-shares traded at an average premium of 18.2 percent versus their Hong Kong-listed H-share counterparts.

17 17. (Mahbubani, 2020, pp. 33–37).

18 18. For example, President Trump suggested publicly that the Covid-19 virus originated in a Chinese laboratory. See (BBC, 2020). Meanwhile, the Chinese Foreign Ministry accused the US of inciting anti-government protests in Hong Kong in 2019. See (Westcott, 2019).

19 19. (Ferguson, 2020).

20 20. (Brands, 2020).

21 21. (Klein & Pettis, 2020, p. 96).

22 22. (Sargent, 2011).

23 23. (Blackwill & Harris, 2016, p. 49).

24 24. See (Steil, 2013) and (Klein & Pettis, 2020, pp. 19–23).

25 25. (Steil & Litan, 2006, pp. 2–3).