As one observer recently argued with reference to supposed race between India and China, it is not about which of these power achieves great power status first, but about which one leaves a lasting impact. Similarly, it may not matter when China finally achieves the Great Power status but how it gets there and what tools it has to help it survive in that league.

Rebutting Secretary Clinton’s remarks at the Asean Regional Forum in Hanoi, where she rejected sweeping claims by any country to the South China Sea, China’s Defense Ministry spokesman declared Beijing had “indisputable sovereignty” over islands in the South China Sea and the surrounding waters.

China has been promising at various international forums that it would grant trade concessions to the least developed countries. In this regard, it recently took a significant decision whereby it has granted duty free access on 4,762 products to 33 least developed countries (LDCs). Most of these countries are in Africa, but at least three are from South Asia.

Taiwan benefits from its commerce with China more than these data suggest. It has a sizeable favorable balance of trade with China. It is reported Taiwan has invested US$150 billion (probably a low estimate, by two or three fold) in China—half of Taiwan’s total foreign investment. This investment is profitable, and enhances Taiwan’s exports.

China was distinctly unenthusiastic about Seoul’s decision to take the issue to the Security Council and from the beginning had called upon all countries to exercise restraint and bear in mind “the overall interests of peace and stability on the Korean Peninsula.”