Size matters. If we look only at China’s average level of development, we see a country with much the same standard of living as Thailand. If we look only at China’s size, we see what is already the world’s second largest economy, biggest exporter (if members of the European Union are treated as separate economies), second largest importer and holder of the largest stock of foreign currency reserves.
China’s leaders are, naturally and rightly, focused on sustaining stability and achieving prosperity. The rest of the world is, no less naturally and rightly, wondering how China will exercise its growing power and responsibility.
So far, despite the difficulties, the adjustment to China’s rise has been remarkably successful, particularly if one considers the gulf in culture, history and political systems between China and incumbent powers. The Chinese economy has proved outstandingly dynamic and increasingly market-driven. The west, in turn, has accommodated itself to China’s rise. That was the wise thing to do.