Since its acceptance into the World Trade Organization on Dec. 11, 2001, China has become an ever-more dominant player on the stage of global trade and growth. Today, the Chinese wield influence in many countries through trade and financial linkages, in some cases outweighing the clout of the U.S. Emerging markets have become interlinked with China, and the trajectory of their growth often follows the lead of Chinese growth. In March 2020, COVID-19 caused a severe global growth shock around the globe, but China managed to quickly power out of the epidemic’s economic grip. Following this dramatic rebound, Beijing decided to slow stimulus and focus on deleveraging in 2021, a policy shift that has formed a headwind to many countries this year. In 2022, I expect China to change course back to a more stimulative stance, which could have a large positive impact on many countries’ economies and global financial markets.