Abstract: With the in-depth adjustment of the world political and economic situation since 2018 and the outbreak of COVID-19, an important aspect of the inherent contradictions of contemporary global capitalism has been exposed, that is, the contradiction between sovereign states and transnational monopoly capitals created by financialization and globalization. It is a contemporary manifestation of the unbalanced spatial and temporary development of capitalism revealed by Lenin and other Marxist theorists. Transnational capitals and sovereign states are interdependent but their interests conflict with each other to a certain extent. This conflict constrains the ability of monopoly capital to unite with the bourgeois state to suppress the power of workers, and leads to the separation of the function of capital accumulation and that of social governance in the economic sphere. A new conjuncture of revolution is born in the contradictory rift between capital and the sovereign state, and historical opportunities are also provided for the rise of emerging countries.