Shifting wealth – driven primarily by China’s rise but also by the dynamism of some other developing countries – has been a major force behind reshaping global economic relations. To adopt the right strategies in this changing landscape, it is useful to understand the channels through which countries are affected. The impact of shifting wealth on other countries – through the channels of trade, investment, financial and knowledge flows – will be shaped by the combination of the type of endowments and the strategies adopted to integrate into the global economy. The challenges countries face and their potential arsenal of policy tools also hinge on the combination of these factors. Countries that are rich in natural resources of which China is in great need have enjoyed rising terms of trade, increasing exports and improving current account balances, but have also seen their competitiveness challenged. Countries that share supply chains with China are benefiting from an ever-increasing demand for their exports but have also been facing increasing competitive pressure as China has been entering into the production of an ever-widening range of goods. Services exporters in developing countries have often been less successful in meeting China’s large appetite for imports of services. In the medium term China’s changing growth pattern will offer new challenges for developing countries: slower, but stable, demand for raw materials and higher demand for consumer goods and for a wide range of services.