US should see the huge potential ahead instead of condemning China

In November, the United States administration refused to recognize China's market economy status, going back on the promise it had made when China joined the World Trade Organization in 2001. And last week's US statement suggested it regrets supporting China's entry into the WTO.

The moves didn't come as a surprise to policy observers familiar with the US National Security Strategy report released a month ago, which said the US needs to rethink its policies of the past two decades. The report also said competitions require the US to rethink "policies based on the assumption that engagement with rivals and their inclusion in international institutions and global commerce would turn them into benign actors and trustworthy partners. For the most part, this premise turned out to be false."

It's not difficult to assume from the US logic that the two largest economies are likely heading toward heightened friction. But is this rationale really rational?