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Competition is natural but the competitive tendencies can be constructive as well as destructive based on the intent involved. While competition in today's world has upped the standards of living, it has also given rise to wide-spread disparities. The prevailing global paradigm is based on the concept of ‘the survival of the fittest’ and in return, ‘might is right’ phenomenon. China with its now established economic power and expanding political clout at global level may play a leading role to render the prevailing global regime as just and rule-based. China's leadership in the recent past has been stressing upon the ideas and ideals such as ‘harmonious development,’ ‘mutual interest,’ and ‘shared destiny.’ Recent moves by Beijing such as the establishment of a regional and a global bank as well as the push for an Asian trade deal indicate that while China will not out-rightly challenge the global system, lack of reforms in the institutions responsible for maintaining global peace, order and economic stability will inevitably pave the way for alternatives. This paper is a revised and updated version of a written contribution made in Beijing in “The Party and the World Dialogue 2014” on the theme of “China's New Reforms: the Role of the Party” organized by China Center for Contemporary World Studies (CCCWS) on September 3–4, 2014.