In a few years, China will eclipse that record. Goldman Sachs researchers expect its current-account surplus to reach 1% of global GDP by 2029, “the highest level on record in any single economy, eclipsing the United States in the late 1940s.”

Even while President Xi Jinping portrays his country as a champion for the Global South, his economic policy won’t give poorer nations the same development acceleration China had. Xi often promises to open Chinese markets, yet imports are down this year compared to four years ago. In contrast, the US is collecting another record 27% more than 2021.