Abstract Since 2017， global inflation has diverged， a phenomenon rarely seen since the collapse of the Bretton Woods system in the 1970s. Anti-globalization is one of the main reasons for the current divergence in global inflation. This paper analyzes the inflation situation of a number of representative developed economies and compares their divergence with the United States and China. The time frame of the study is from February 2017 to October 2023， covering two phases and eight countries. Using co-integration test and principal component analysis， this paper finds that China and the United States act as two important poles of global inflation divergence， with major developed economies following the United States. The severity and uncertainty of the anti-globalization challenges facing China in the future are on the rise. China should promote stability by progress， and seek progress in stability， establish the necessary systems and rules first， and then gradually break the original institutional barriers. It needs to further study and master the systematic law that major developed countries play as a leading role in the existing international economic order， and at the same time， explore effective ways and methods for China to play a bigger role in the existing international economic order and ensure a high-level and secure economic development.
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2024, Vol. 23 
