Real power in global governance requires intellectual input into the international financial and economic agenda, policies and rules — the effective exercise of ‘soft’ power. [...] The major substantial outcomes of the G20 to date, including updating international financial regulatory rules through Basel III and international tax cooperation on tax havens, have been mostly led by the Atlantic countries.

China has dramatically scaled up its global loan book over the past five years by dealing with countries largely ignored by Western lenders, whether for political reasons (Russia) or economic (Argentina).