Are China and the US missing opportunities?

0 Comment(s)Print E-mail Beijing Review, January 6, 2016
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At the same time, we are also witnessing the impact of globalization on traditional structures. Fragmentation has been observed in international relations, such as in the distribution of hotspot issues, communication and people's perceptions. How to respond to the "crisis of fragmentation" has become a major concern for the international community.

Reasons run deep behind such fragmentations. Although the Western-centered world order greatly contributed to progress and growth, it failed to make timely adjustments as emerging economies rose and the old and new challenges became entrenched. It has not only failed to provide an interest distribution scheme that is complete and balanced while also reflecting new economic realities, but also lacks effective ways to manage or solve ongoing problems. It is like an adult in children's clothes; no wonder all the uneasiness.

The United States, as the leading power of the existing world order, made one major strategic mistake after another. Its invasion into Iraq in 2003 left the country in chaos. In 2010, the West embraced the so-called "Arab Spring" after the political upheaval in Tunisia. But the Arab Spring opened a Pandora's box, with old orders breaking down, but new orders not yet in place to provide peace and security to citizens. With social and economic unrest still rampant in many countries throughout the Middle East, in most cases the situation has yet to be resolved.

What is more, the financial crisis of 2008 wreaked havoc on Western countries and created a global recession. Some within America refer to the crisis as a "strategic disaster."

Now, the United States is trying to get out of the mess by proposing a "pivot to Asia." However, by suddenly making China a larger focus of their foreign policy, the United States has fueled distrust between the two countries. Will it turn out to be another strategic mistake on the part of the United States? Will it cost the two countries the chances to work together in addressing global problems?

The principal challenge of our time may be a deficit in responsibility. We live in an era of shared risks, when major problems demand global solutions.

But there is no need to get overly pessimistic, as the international community has already started to explore solutions. The G20, for one, has played a crucial role in combating financial crises. The International Monetary Fund (IMF) and World Bank both approved a major realignment of voting shares to developing countries. And recently the IMF decided to bring the Chinese currency, the yuan, into its Special Drawing Rights basket.

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