Considerable attention has been devoted to the threat seemingly posed by the growth of China's power and influence. It seems like every week the country is marking some new "first" in its military modernization program, all of which are said to be underwritten by a desire to become the pre-eminent power in Asia.
In fact, if China threatens international stability, it is more likely an economic rather than a military challenge. And the problem is not China's strength that should be the focus of policymakers, but its weaknesses. The unraveling of the Chinese economy would deal a body blow to the global economy and ripple through the region and the world.
The China story in modern memory has been its outstanding growth. The country has registered 10 percent growth on average for three decades, overtaking Japan to become the world's second largest economy and the world's largest exporter of goods.