You’re having a whole split of the world into two opposing economic systems. China is not a rival for America. America is not trying to industrialize like China is. America’s trying to deindustrialize and make money financially. China is not trying to make money financially. It is trying to develop its economy and that of its  allied countries in the Belt and Road Initiative to produce more. So, you’re having for the first time a choice: are you going to have industrial capitalism evolving into socialism like people expected a century ago, or are you going to have American-style neoliberal finance capitalism, which is just going to make you poorer and poorer and impose austerity programs on you?

Source: The Destiny of Civilization: Michael Hudson on Finance Capitalism, the Economic Consequences of Ukraine and the End of Globalization – CounterPunch.org