Abstract
The article examines the process of the decline of US currency hegemony and the growth of China’s financial power, including competition and cooperation of great powers facing many geopolitical problems. The United States still has significant military capability, technological innovation, and soft power, while China’s Belt and Road Initiative has expanded its economic power and influence in the Eurasian and African regions. The future of global hegemony depends on the interaction and relationship between these two powers, with risks and opportunities distributed unevenly between the existing great powers and the small/medium countries. Russia’s role in this transition is significant, and it must carefully strategize its approach, viewing its heavy reliance on energy exports as a potential vulnerability. To avoid risks and seize opportunities, Russia must take a balanced approach by diversifying its economic base, improving the investment climate, promoting innovation and technological advances, and actively participating in regional and international forums.
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