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China’s nuclear modernization concerns the United States and its Asian allies, but Washington has largely failed to engage Beijing effectively on nuclear strategy.

The Obama administration must realize that no “foreign policy” issue will matter as much to global economic, political, and ultimately security conditions in the coming year as whether the United States can demonstrate that it is able to deal with its economic crisis.

The United States and China must find ways to cooperate if the rebalance of American policy toward Asia is to succeed.