The US, Australia and their allies have long depended on global “rules of the game” (mostly set by the United States) for their major companies and sectors to flourish. In coming years, Australia and the US will have to accept that China will play an ever greater role shaping these rules. China has already become the 3rd largest shareholder of the IMF, a major player in the WTO and WHO, and competed for (and won) the headships of several UN’s agencies. But this should not alarm Australia, the US, and other allies. Instead, they must go back to the drawing board and focus on building the rules and institutions that they and China need to sustain trade, to ensure international financial stability, and for effective action on climate change. - Ngaire Woods, Oxford University. Earn 0.50 CE/CPD hrs on Portfolio Construction Forum