“Capitalism saved the isolated, poor, underdeveloped China about more than three decades ago. But now, it may be China’s turn to help the struggling capitalist world,” an observer said half in jest, underscoring the Asian power’s increasing economic clout.

It was Washington that played a crucial role in helping China enter the global capitalist system as Beijing initiated a reform and openness policy in the late 1970s.

Initially, labeling China as a wartime foe for its participation in the 1950-53 Korean War, the U.S. had applied the containment policy against it as well as the former Soviet Union.

But Washington sought rapprochement with Beijing in the early 1970s amid a deepening rift between the two communist countries. It, then, needed to defuse military tension due to growing anti-war sentiment at home, caused by casualties and economic costs from the Vietnam War.

The Sino-U.S. strategic cooperation led to the opening of diplomatic relations in 1979. Their friendly relationship, however, suffered a setback when China launched its bloody crackdown on democracy fighters at the Tiananmen Square in 1989.

After the collapse of the Soviet Union in 1991, their strategic security cooperation has lost steam. But the U.S. had maintained a comprehensive engagement policy toward China.

Joining the World Trade Organization in 2001, China’s economy has substantially grown.

Based on its increased economic power, China has also expanded its military clout as well, sparking a “China threat” discourse.

While conflicting over issues such as human rights, trade, intellectual properties, Taiwan and maritime sovereignty involving its allies and partners, the U.S has seen China as both a partner and competitor over the recent decade.

While hoping China fully accepts the international order and cooperates on transnational issues such as climate change, non-proliferation and anti-terrorism, Washington now recognizes Beijing as a “responsible stakeholder” ― a term that apparently calls for China’s constructive role in global issues.

By Song Sang-ho (sshluck@heraldcorp.com)