As China prepares for its big military parade next Thursday, when it will celebrate 60 years of Communist party rule with a display of power, it is clear the country has come out of the global crisis with its prestige greatly enhanced.
It is not just the strong rebound in the economy. China is becoming more influential and confident overseas, shaping events rather than reluctantly reacting. President Hu Jintao even stole the show this week at the United Nations climate change summit with his pledge to restrain carbon emissions. Two years ago, environmental groups were terrified by China's galloping energy demand and addiction to coal: now they brandish it as an example for others.
Amid all the praise and trepidation that China is currently generating, it is a good time to point out some of the many reasons why China will not come to dominate the world any time soon. Even proponents of “China's century” do not think it will arrive in the next few years. If this sounds a little curmudgeonly, Chinese officials make some of the same points themselves, usually when they are asked to hand over a large chunk of their reserves to some worthy international project.