When playing up the mutually beneficial aspects of economic cooperation between the U.S. and China, many theorists often ignore the competitive and destabilizing elements introduced by structural economic concerns. The struggle for emerging markets and untapped resources is adversarial, and it may intensify as economic growth slows.

As the Fed is paving way for the first rate hike in a decade, the world economy prepares for the greatest shift of capital flows in five years. Recent market turmoil in the U.S. and China heralds the transition.

Achieving the environmental goals presented to the UN not only can help China effectively control greenhouse-gas emissions and address global climate change, it will lay a good foundation to improve the ecological environment especially air quality. That creates an inspiring model for other nations as the Paris climate change conference approaches, where success depends on respect for developing nations varying capacities to make change and a spirit of cooperation, not confrontation.

China has become one of the world’s most important investors and capital exporters, stepping into a new phrase of “GNP” from “GDP” and reversing the mechanism of capital-free flow. So it is imperative to speed up the opening of its capital account.

Not so long ago, China’s A-share index lingered around 2,000. Before last week’s plunge, it closed at 5,200. In the short-term, the market will remain volatile, but just as China’s economy hasn’t emulated typical market fluctuations, its potential should prevail in the long term.

China’s challenges – pollution, corruption, and the economy – have imbued the reform efforts necessary to lead to unpredicted innovation, both by Internet companies and a vast provision of international infrastructure projects.

Historic gains in the Shanghai and Shenzhen A-share stock markets are causing some Western analysts to speculate that the growth is being driven by irrational behavior. There are both institutional and individual explanations for this over-confidence, which will need to monitored if the market contracts.

Do the meritocratic features of the China model produce more competent leaders than democratic elections in America? In key ways, this seems certainly true.

Modernizing state governance in China depends on the successful promotion of rule of law, to stimulate orderly participation of the public and to maximize the public interest.

Substantial international attention has been focused on this year’s meeting of China’s National People’s Congress (NPC) and the Chinese People’s Political Consultative Committee (CPPCC), much of it misguided and/or malicious. But there is a real reason for the Congress’s importance.