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As the world continues to struggle with the global economic recession, a shift in power is also taking place.

America's role as world power is being challenged, and China is flexing its muscles.

But with power comes responsibility and questions are being asked of China's ability to engage with them.

Nik Gowing hosts a special debate with economic experts on the outlook for the world economy this year.

He asks his guests: With the dramatic growth of the emerging economies, is the era of Western global leadership over? Are China and other nations willing to assume new leadership responsibilities? And how far is the digital revolution changing the nature of political power?

The panel includes: Eric Cantor, Majority leader of the House of Representatives, Christine Lagarde, French Minister of Economy, and Anand Sharma, Minister for Commerce.