Hong Kong's skyline casts a neon glow over Victoria Harbour, Hong Kong, 1997.
Jason Reed / Reuters

THIS TIME IT IS REAL

The rise of China, if it continues, may be the most important trend in the world for the next century. When historians one hundred years hence write about our time, they may well conclude that the most significant development was the emergence of a vigorous market economy-and army-in the most populous country of the world. This is particularly likely if many of the globe's leading historians and pundits a century from now do not have names like Smith but rather ones like Wu.

China is the fastest growing economy in the world, with what may be the fastest growing military budget. It has nuclear weapons, border disputes with most of its neighbors, and a rapidly improving army that may-within a decade or so-be able to resolve old quarrels in its own favor. The United States has possessed the world's largest economy for more than a

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