1 From 1800 until Now1 Chapter 6: The Big Cycle of China and Its Currency2020-10-09Journal1 2 
\[12\] until around 1980 when China’s economic competitiveness and trade took off. Since then until around 2008 growth was very strong with debt growth being in line with economic growth. Then the 2008 financial crisis came along and China, like the rest of the world, used a lot of debt growth to stimulate its economy so debts rose relative to incomes, Xi Jinping came to power, improved China’s debt management, continued innovation and technology, more boldly expanded globally, and encountered greater conflict with the US. As shown in this chart China is now a leading power in trade, military, and innovation and technology, and its relative powers in these areas are increasing quickly. While China is still highly competitive economically in world markets, its rate of improvement in this area is slowing. At the same time China remains a lagging power in its reserve currency and its financial center.