China and Sea Power in the Twenty-First Century
[extract] The "rise" of China has been an interesting phenomenon to observe over the past decade or so, but more interesting has been the reaction of the United States. Over time, many US fears have been economic in nature and those with long memories will recall the same "fears" surrounding the economic rise of Japan (and how those fears came to nought). The trade imbalance between the United States and China is large and one-way, in favour of China, and that revenue is then invested in US securities which help fund the US financial deficit; the irony of this is lost on no one. This is such a concern that the US-China Economic and Security Review Commission was created in October 2000 to report annually to the US Congress on the national security implications of bilateral trade and the economic relationship between the two countries.