The financial crisis that hit western economies in 2008 severely seems to have turned all such western assumptions upside down. The economic crisis in 2008 has not only weakened the specter of the EU to become a global power, both in economic and normative senses, but also made it abundantly clear that the success of the American economic model has been to a significant extent tied to the interdependent economic relations developed with the non-western world, most notably China. The crisis and its aftermath have made it unavoidably clear that the United States is today the most indebted country on earth whereas China the number one creditor country. Besides, majorities across the globe seem to believe that China, the aspiring hegemon, is on the rise whereas the United States, the incumbent hegemon, in terminal decline.

Whereas China deems its phenomenal rise as part of its normalization process, the United States finds in China a strong contender for its global hegemony. While Chinese see their country’s efforts to leave behind the ‘centuries of humiliation’ for good as China’s rightful return to its glorious days, the majority of westerners tend to feel skeptical about the end results of this process. To many Chinese, China had been the cradle of global politics for ages by the time the western European nations eclipsed China in terms of economic output, technological innovations and military capabilities. By the middle of the 19^th century, nearly half of global economic production had originated from China. Therefore, the Chinese believe that their country’s rise in recent decades should not be interpreted as the success story of an ordinary country climbing up the ladder of power. Instead, Chinese share the view that China’s recent successes are manifestations of China’s normalization and returning to world history as a major power (Xiang, 2016, 53-62).