Word: globality
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...international affairs - like a robust national-security apparatus - are still under construction. And they have not yet been tested by crisis. China is ambitious, to be sure, but it is too insecure to be audacious yet. In the next 10 years, this will change. China will build a global-size foreign policy apparatus just as it has built stadiums and airports. But will this framework be crafted and staffed by people who understand the Western temperament and who see the virtue of cooperation? Or will it be handed to those who have won their positions by insisting that the West...
...first glance, this might look sinister. But the reality is that it is simply different and not yet necessarily good or bad. China could try to reshape the global order alongside the U.S., in ways that help by supporting American economic recovery, defining new norms on proliferation, cooperating on computer security. Or it could undermine the U.S. - and its allies - in each of these endeavors. Accepting this indeterminacy will be a real challenge. For it is possible to assemble the facts of what China is doing into different narratives. When a research institute in Sichuan publishes a piece on vulnerabilities...
...Union sharpened at places where systems collided, the same will be true of China: the renminbi is the new Berlin. It needs to be handled with appropriate sophistication by both sides, especially since it reveals a deeper tension. Chinese find it inconceivable that the dollar will be the only global reserve currency in 10 years; Americans find it inconceivable that it will...
...where China wants to both secure its interests and avoid conflict. The real puzzle about China's currency isn't just the value of the renminbi. It is, rather, how open China will be to flows of money. China has three choices: it can remain unplugged from the global system, it can plug in gradually, or it can say, We're the largest developing country in the world and everyone wants to invest here, so we're going to make our own rules. This is the sort of challenge China will pose in many areas. It'll want to configure...
...follows that any actions by China that threaten global stability have to be rebuked. The habit of trying to make China cooperate only by granting concessions has not worked. Co-evolution suggests a different approach. It acknowledges the importance of giving China a say in how the world develops but demands in exchange an absolute commitment to curtail activities that make it more dangerous. It's a case of saying to China, You're a partner in managing the global economy, but you can't then manipulate your currency to gain unfair trade advantages. Or: We'll respect your interests...