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How US Monetary Policy Has Tamed China

20 5 0

LONDON – Chinese leaders do like their slogans, and where foreign policy is concerned, two have reflected Beijing’s thinking in recent times. The first is the cautious principle of tao guang yang hui, usually rendered in English as “hide your light and bide your time,” which guided Chinese policy for decades after Deng Xiaoping established it in the 1980s. In late 2013, though, President Xi Jinping coined a new slogan to define a more assertive, muscular approach: fen fa you wei, or “strive for achievement.”

Jan 8, 2019 Joseph S. Nye questions whether the US president is capable of understanding the risks that the US faces in 2019.

The drift toward a more assertive foreign policy under Xi has been evident everywhere, from China’s declaration of an air defense identification zone over the East China Sea in late 2013, to the creation of “facts on the ground” in the South China Sea, to the development of the Belt and Road Initiative.

But recently there have been signs that China might be having second thoughts about its ability to keep striving for achievement. Xi’s government seems clearly to have entered concession-making mode in its relations with the United States, and some prominent........

© Project Syndicate