The world is witnessing a number of financial turning points at once with the steel industry crisis, the insecurities that loom large after the Brexit vote, and it appears that the China and US have locked horns in what seems like a long and hard economic battle.

According to CNN Money, as China works its way up to be ranked as the world's number two economy, it would use this financial position to strong-arm other nations into compliance globally, foreign policy experts Robert Blackwill and Jennifer Harris noted.

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China has been in the news for using economic pressure as a punitive measure against nations that seem to work against its interests. When Norway gave Chinese dissident Liu Xiaobo the Nobel Peace Prize in 2010, China dramatically reduced its salmon purchases and halted trade talks with the country. Similarly, when tensions escalated between the Philippines and China over their territorial dispute in the South China Sea, Beijing let Philippine banana imports rot at its ports.

In their new book, "War by other Means", Blackwill and Harris lay out some of the examples of economic warfare. Their thesis is simple:  the U.S. should be using similar tactics to China's - and doing it better. Right now, America is getting crushed.

"Despite having the most powerful economy on earth, the United States too often reaches for the gun instead of the purse in its international conduct," they write. China, on the other hand, knows how to invest tactically. This further helps Beijing to create political connections wherever it wants in different parts of the world.

Previously, this used to be a forte of the US, but China has overtaken this position by a fine mile. Economic power is considered to be far greater than a country's military power, as the American history speaks for itself with Louisiana Purchase by Thomas Jefferson being the prime example.

According to Leslie Gelb from the Council on Foreign Relations, "Nations do not fear China's military might; they fear its ability to give or withhold trade and investments," Foreign Affairs  reported.

Tagschina, US, us china conflict, china US faceoff, china US dispute, Chinese Economy, China economy, US economy, china economy vs us economy