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China can meet US, Europe where their interests converge

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In this second decade of the 21st century, China, Europe, and the United States all face daunting challenges at home. Domestic challenges far outweigh security challenges from abroad.

For China, development and stability remain top on the agenda. At present, the rising inflation rate, exchange-rate pressure on the Chinese currency (RMB), real estate bubbles, and the yawning gap between the rich and poor call for urgent solutions. In the longer term, economic restructuring; advancement in science, technology and education; and improvement of social governance, such as a comprehensive health and welfare system, are the three tasks of fundamental significance that we have to fulfill.

The most pressing problem in the United States is not security but the serious economic challenges – staggering government debts at both federal and state levels, unbalanced budgets, unstable economic growth, insufficient investment, high unemployment, and lack of confidence in the US dollar.

Europe’s most serious challenges come from within the European Union itself, rather than from other parts of the world. European countries face the pressing task of balancing budgets, sovereign debt repayment, economic recovery, and raising its international competitiveness.

To address our respective challenges, we all need a stable external environment, gradual reform of the international system, and a moderate approach to global governance.

Herein lies our greatest common interest. If China, the United States, and Europe all consider the stability of the other side and that of the international system as in their own interest, then a solid foundation can be laid for building communities of interests among us.

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