The anniversary of June 4 will be closely observed by China watchers from around the world while it won't be observed at all in China. But an event that's had far more lasting impact on modern China took place 90 years ago today, and it is this anniversary that should not escape unnoticed.

On May 4, 1919, thousands of university students gathered in Peking in angry protest over China's treatment in the Versailles Conference following the aftermath of World War I. If Weimar Germany got the shaft, then China was handed the short end of the stick.

Despite being on the winning side of the war, China, which sent 140,000 laborers to the western front digging ditches, ferrying ambulances and performing otherwise dangerous and menial tasks, got none of the victors' spoils. Worse,...