The G77 Summit is the most recent reflection of the global balance of power shifting in favor of the countries of the Global South. While South-South cooperation is increasing both quantitatively and qualitatively, the West is steadily losing its global influence. The greatest challenge to a more equitable world order is the US' unilateral efforts to defend its hegemonic position and prevent a multipolar world. However, formats such as the G77 and BRICS show that these efforts can't succeed.
While China emphasizes that it's primarily concerned with a fairer global order and a greater say in the Global South within world affairs, it's clear Beijing uses forums such as the G77 to expand its influence in countries in the backyard of the US. The G77 is another building block to strengthen China's position in the struggle with Washington for future global leadership. However, it remains to be seen whether the bloc has more in common than mere criticism of the collective West's economic and political dominance.
There's a 20% chance of war between the US and China before 2035, according to the Metaculus prediction community.