The U.S.-led petrodollar era has eclipsed. It is being surpassed by a multipolar oil age. The current transitional era is permeated by fundamental change, opportunism and speculation.

Since the global financial crisis of 2008, the growth track and pattern of the world economy have undergone dramatic changes, and maintaining an easy monetary policy by the central banks will not be enough to remedy the situation. New “supply substitution” is needed to improve the productivity and innovative output of all factors, and to earnestly promote global economic growth.

In a world of troubles, the ongoing re-shaping of the world order and global governance will require a meeting of minds and concerted actions from big powers.

China’s new developmental strategy of “innovative, coordinated, green, open and sharing” economic growth is echoed in the theme for the G20 Hangzhou Summit, demonstrating that a new world economic growth strategy is gradually taking shape. Efforts will be focused on four elements: innovation, improvement upon global governance, promotion of international trade and investment as well as inclusive and concerted development.

The Federal Reserve said on Wednesday that it would raise short-term interest rates for the first time since the financial crisis, a decision it described as a vote of confidence in the American economy even as much of the rest of the world struggles.

When achieving a stable global economy supercedes local and political interests, and a sustainable rebound in the global oil prices begins to emerge, this will soothe the chaos in the geopolitical sphere, the price wars among the oil-producing countries, the sluggish investment and consumption in the world economy, the capital market’s negative judgment about the future business growth and the “liquidity trap” in the monetary policy.

In the past, people measured China’s contribution to global economic growth through China’s GDP growth. But many factors in the GDP are the profits created by the foreign companies’ investments in China, so new ways of looking at the impact of China’s economy are in order.

Fluctuations in China’s currency and economy don’t have the wild effect on the global markets that many critics allege, and such accusations distract from a needed collective focus on maintaining stability.

All eyes are now focused on China’s current state visit: on October 20, Xi arrived in London at the invitation of Queen Elizabeth. His visit included the usual symbolic perks—a stay at Buckingham Palace, a ride in a royal carriage, and an address to the British Parliament—but his stay has also featured important trade and economic announcements, and has emphasized a new and unexpected honeymoon between two former enemies.

The gravest threat to American global leadership is neither Russia nor China but continued interest group-driven Congressional abandonment of the kind of balanced strategy that won the Cold War.