SINGAPORE -- The world's attention has been focused on China's smooth political transition at the last Chinese Communist Party plenum, the possible overheating of the Chinese economy and its impressive haul of 32 gold medals at the Athens Olympics. But little has been said of Beijing's strategy for its "new" diplomacy, which has clearly become more sophisticated and active as China seeks "big power" status regionally and internationally.
China's international prestige increased further recently as it hosted the Formula One Grand Prix in Shanghai for the first time as well as the Shanghai Tennis Open. Look for a definite rise in Chinese nationalism as the 2008 Beijing Olympics approaches.
In the economic arena, Beijing's finance minister and central bank governor were invited for the first time to a Group of Seven dinner meeting in Washington on Oct. 1, China's 55th National Day -- in due recognition of China's growing clout in trade, investments and finance as the world's fourth-largest economic power.