The Future of the Dollar
U.S. Financial Power Depends on Washington, Not Beijing
“China will not, repeat, not repeat the old practice of a strong country seeking hegemony,” Wang Yi, China’s foreign minister, said last September. It was a message that Chinese officials have been pushing ever since their country’s spectacular rise began. For decades, they have been at pains to downplay China’s power and reassure other countries—especially the United States—of its benign intentions. Jiang Zemin, China’s leader in the 1990s, called for mutual trust, mutual benefit, equality, and cooperation in the country’s foreign relations. Under Hu Jintao, who took the reins of power in 2002, “peaceful development” became the phrase of the moment. The current president, Xi Jinping, insisted in September 2017 that China “lacks the gene” that drives great powers to seek hegemony.
It is easy to dismiss such protestations as simple deceit. In fact, however, Chinese leaders are telling the truth: Beijing truly does not