China has grown rapidly in influence and ability to act in the international arena. That means it faces bigger, tougher and ever more urgent challenges. Therefore, there is a growing need for more high quality think tanks which can offer solutions to these challenges by mining the wisdom in the broader society.

Given the sheer size of China, its development has the ability to impact the world. With its rapid growth, China is often put under the international spotlight. However, China is very different from many countries in terms of its cultural traditions, social system, development path, and value systems.

In Western media, the National People's Congress -- China's legislative body which just ended its annual three week session -- is perfunctorily conjoined with the phrase "rubber stamp." This characterization is less and less true every year and does a disservice to understanding the most significant historic shift taking place in China today: the long march toward "rule according to law" from administrative fiat.

The challenges that face the world is not a due to a transition of power among states, but a diffusion of power away from governments. Nye argues that for a “new type of major power relations,” the U.S. needs to avoid containment as a strategy, and China must accept the legitimacy of American presence in the Western Pacific.

China’s rise has given life to assumptions about the intentions of China’s influence. Wu Zurong dispels the notion of a Chinese “secret strategy” to replace the United States as the global superpower, and describes the complex historical relationship between China and the U.S. which has largely been based on cooperation.

China’s foreign policy three “no’s” are no expansion, no hegemony, and no alliances. Its foreign policy three “yes’s” are to peace, development, and cooperation. President Xi Jinping has stated over and over again that China will stick to this peaceful development strategy.

Discussion of whether or not China will lead the world through a “third industrial revolution” ignores the China’s excess supply of low quality products, polluted air and water, and an information sector that isn’t completely integrated with manufacturing. China still has a ways to go in industrializing while facing changing international circumstances.

Xi Jinping: The Governance of China, is the Chinese leader’s book on proper leadership in China, with a heavy focus on ousting corruption, a direct threat to the legitimacy of the party. While the party cracks down, it also has made it more difficulty for anonymous web users to expose party privilege abuse on micro-blogs, begging the question of whether this book favors slogan over good governance.

Like the original creation of the American Dream, the Chinese Dream has been utilized institutionally to show that anything is possible for the average individual, with the right amount of drive and hard work. Over time, the American Dream has become driven more by the material signifiers of a house and car. China must nurture a more balanced dream to avoid the emphasis on materialism.

Over the past two decades, China’s growth paradigm characterized by investment and driven by exports has run out of steam. A major feature of China’s current economy is overcapacity, especially in the real estate sector. An increase in domestic consumption and infrastructure investment will help continue growth, but the biggest challenge facing China in 2015 is the high corporate debt ratio.