A prosperous China will bring substantial positive benefits to the rest of the trading world. It is, thus, important to all of us that they succeed in navigating through their current economic and financial imbalances.
*** The challenges represented by China’s large surplus with the United States and the efforts to repair a recent breach in the current round of trade negotiations have engaged the attention of policymakers worldwide. But these are subplots in a much larger debate about the benefits and costs of expanding globalization.