China’s economy, military might, diplomatic weight and self-confidence have grown dramatically in recent years. This is reflected in China’s growing footprint and activism in institutions of regional and global governance. Three mutually reinforcing trends converged last year against the long-term and wider geostrategic backdrop. By the end of 2020, China had emerged as a major winner of the geopolitical reordering resulting from the health devastation of coronavirus, notwithstanding China’s role in its origins, and economic devastation of lockdowns.