Will 2013 be the year when one or more of the intractable disputes in the seas off China explode into armed conflict, involving the United States in a wider war to protect its Asian allies? The disputes are about ownership of islands, and jurisdiction over strategic maritime zones and valuable resources.

The answer should be a resounding "no." Such a war, with no guarantees that it could be contained, would have unpredictable but potentially catastrophic consequences. The major protagonists in these disputes — the U.S., China and Japan — are respectively the world's three largest economies, with a strong mutual interest in maintaining peace to boost their trade, growth, investment and jobs.

The other economies in Northeast and Southeast Asia are closely tied to those of the major players. They would also suffer badly from military conflict, even if it was confined to the region. The shock to business confidence in Asia, a driver of recovery in the still-fragile global economy, would be shattering.