The main theme of the book are transformations of the world community at the political level and at the level of the international institutions. The book explores the currently precarious state of an emerging multipolar world at the time of the peaceful rise of China. It starts with the basic political and geopolitical features, followed by a discussion on norms, values and institutions of the organized international community, and the potential of international law in the face of political instability and crises. The rise of China is discussed in its various aspects: economic and political, with particular regard to the recent turning of China outward, the Belt and Road Initiative and its evolving cooperation with the European Union. The third part of the book is devoted to development as seen from the perspective of the United Nations and the evolving conceptualization of development. In the final chapters emphasis is placed on the issues of multilateralism and the basic precepts for the future peaceful transformation of the world. There exist different types and sources of state legitimacy and different development models that can co-exist and co-evolve. Significantly, such a transformation requires respect for the fundamentals of international law, in particular sovereignty of states. Building new or reforming existing international institutions is possible only on this basis. This book could be used in courses on international relations and law at universities in all countries, either as a basic or a supplementary source. It would be also useful to journalists and researchers.