Albert Keidel of the Carnegie Endowment for International Peace, a Washington think-tank, says China does not want “to be seen as a problem for existing powers” at this stage of its economic development. But he also argued in a recent paper that there could be trouble ahead as recession in the West, which he believes China could ride out, stokes protectionist demands. The crisis could also result in China's economy surpassing America's earlier than expected—well before 2030, Mr Keidel suggests. Hard as Chinese diplomats try to wear a friendly face, this would be a psychological jolt for Americans.

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