We owe as much to our long-time ally as it faces threats from a nearby adversary. The mega-trend in U.S. foreign policy in the past decade is the consensus view that the post–Cold War continuation of the Nixon/Kissinger policy of engagement with and accommodation of the People’s Republic of China has failed.
Successive presidents of both parties extended the policy in the hope that the U.S. could help China as it lurched forward from the Maoist revolutionary era to a modern, engaged, liberal market economy.
The Cold War policy had endured despite the growing awareness across the U.S. political spectrum of the PRC’s role in the first rank of global human-rights abusers, its increasing appetite for regional military confrontation, its bullying of democracies across Asia and the Indo-Pacific, and its abuse of the privileges afforded it through membership in global forums such as the United Nations, the World Trade Organization, the World Health Organization, and others.
That perception is changing. U.S. supply chains are being diversified away from China, with some returning to the United States’ own shores. China’s own economy is fragile, unstable, and in constant need of government intervention. There is skepticism about — if not downright hostility toward — Chinese direct foreign investment in the U.S. and in U.S. companies.
And there is a lack of confidence in China’s public companies — such as Huawei — because of their relationship with the Chinese government. The recent push by the Trump administration not to permit the federal employee defined-benefit program to include an emerging-market benchmark fund that included Chinese equities reflects these facts...........To Read More....
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