I tend to agree that China doesn't want to rule the world but have a influence over world affairs. I tend to also think China is more interested tending their own garden rather than others.
From The Economist this week.
SEPTEMBER 16, 2011, 6:07 PM HKT
China Debates: Should It Save the World?
Reports this week that China might consider buying Italian bonds unleashed a slew of skeptical and sarcastic comments. Many wondered why China – a nation where many families still struggle to put food on their tables, and where children from poor villages walk a couple of hours each day to sit in dilapidated classrooms – should help out Europeans with easier lives.
Prime Minister Wen Jiabao’s comments during the opening ceremony of the World Economic Forum in Dalian this week that China may consider increasing investment in Europe drew a similar response.
One might expect China’s business elites to hold a different view. European debt troubles and the potential for double-dip recession are bad for business, after all.
But when a group of five Chinese business leaders at a Dalian forum were asked whether China should become the world’s savior, most answered no — or, at least, not so fast.
Liu Changle, chairman and chief executive of Hong Kong-based Phoenix Satellite Television Holdings, quoted Deng Xiaoping’s famous guiding words that China should “hide our capabilities, bide our time, and never become the No. 1 of the world.”
At a debate hosted by his own TV station at the World Economic Forum, Mr. Liu said: “When the world looks to us for help, we should keep our cool and not feel too flattered.” “Life is much easier for No.2,” he continued. “When the sky collapses, there will be a No. 1 who will hold it up.”
Three of the four other panelists expressed a similar view, that China should take care of its own business first.
China doesn’t have the capability to help the world yet, said Liu Jiren, chairman and CEO of Neusoft Group, a software company. The biggest contribution China could make to the world is to keep its market open and nurture a middle class that will spend more, he argued.
Cheng Siwei, a retired deputy national parliament speaker, concurred. “When it comes to external affairs, let’s not stretch ourselves,” he said.
The only dissenting voice came from Kai-fu Lee, former head of Google China and Microsoft China and founder of venture capital firm Innovation Works. “Perception is reality,” he said. When the West looks to China for help, he said, it’s an opportunity for China to step up.
He suggested that China appreciate its currency value by 5% every year so “that’s 5% more leadership each year.” He also suggested that instead of investing in U.S. Treasury bonds, China could put its money to better use by investing in infrastructure and non-defense companies in the West.
The other panelists also agreed that there are opportunities to be taken in the current crisis. Mr. Liu said that the crisis in the developed world presents a good opportunity for China to slow its economic growth so it can better implement much-needed restructuring, such as narrowing the income gap and reducing reliance on exports.
Gao Jifan, chairman and CEO of Trina Solar Ltd, a solar panel manufacturer, agreed that it’s a good opportunity for Chinese companies to invest abroad. “But do we have the capabilities to invest globally and make profits?” he asked.
– Li Yuan