Foreign Affairs - 03.2020 - 04.2020

The New Spheres of Influence

March/April 2020 33

1991 to 120 percent today (measured by

purchasing power parity, the metric that

both the Å°³ and the International

Monetary Fund use to compare national

economies). Although China faces many

internal challenges, there are more

reasons to expect this basic economic

trend to continue than to bet that it will

States would increase its own invest-

ments in the Indo-Paci¥c in response,

he was able to come up with just $113

million in new investments.

China has, o’ course, been the chie’

bene¥ciary o’ this transformation. In

the past generation, its ±½Ä has soared:

from 20 percent o’ the U.S. level in

U.S.
NATIONAL

ARCHIVES

/ ALAMY

STOCK PHOTO

In—uencers: Churchill, Roosevelt, and Stalin at the Yalta conference, 1945