As much as I am fascinated with China, I still prefer to approach this world not as bi-polar (US – China) but rather multiopolar, a position Noam Chomsky, Joseph Nye, and others like to promote, though a nonpolar world is also an interesting option (see Richard Haass – The Age of Nonpolarity). The World Bank has recently come up with a helpful report Global Development Horizons 2011 , also in a neat PPT form (and yes, we’re talking beyond BRICS here).

Here are a couple of relevant links and quotes from Haass, Chomsky and Nye:
Haass (on nonpolarity): ‘Finally, today’s nonpolar world is not simply a result of the rise of other states and organizations or of the failures and follies of U.S. policy. It is also an inevitable consequence of globalization. Globalization has increased the volume, velocity, and importance of cross-border flows of just about everything, from drugs, e-mails, greenhouse gases, manufactured goods, and people to television and radio signals, viruses (virtual and real), and weapons.’
Noam Chomsky – Noam Chomsky: Crises and the Unipolar Moment (SOAS, October 2009)
Noam Chomsky – Barack Obama and the ‘Unipolar Moment’
Chomsky (on multipolarity): ‘A world becoming truly multipolar, politically as well as economically, despite the resistance of the sole superpower, marks a progressive change in history.’
Joseph Nye – The Future of Power (Chatham House, May 2011) (also see his transcript where he elaborates on the metaphor of a three dimensional chessboard.
Joseph Nye (on multipolarity): ‘I use a metaphor of a three dimensional chessboard. On the top board are military relations among states. The world is uni-polar. There is one superpower. The United States is the only country that can project military power globally. And I think that it is going to remain that way for another decade or two. I don’t think China is going to catch the US in military power.
But go to the second board, economic relations amongst states. The world is multi-polar, and has been for decades. Remember in economics, this is where Europe can act as an entity. And when it does, Europe’s economy is larger than the economy of the United States, not to mention China. And in this area, this second board of economic relations, American power is balanced by Europe, China, Japan and others.
But now let me take you to this bottom board of the three dimensional game, the board of trans-national relations, which cross borders outside the control of governments. And here’s where power diffusion and the non-state actors come in. You can think of financial flows which are larger than the budgets of many countries. You can think of terrorist groups. You can think of cyber
terrorists, not crossing borders themselves, but sending electrons. You can think of impersonal processes like climate change or pandemics.’