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America's modern China policy has been extraordinarily successful. Formulated between 1972 and 1982, it's embodied in the Three Joint Communiqués and the Taiwan Relations Act, which officially recognized the People's Republic of China as China's government and articulated U.S. interests in Taiwan's security. The policy has provided a time-tested framework for the United States to interact with China as it has climbed the development ladder to become the world's second-largest economy, and it has kept the United States committed to the maintenance of stability across the Taiwan Strait.

With a three-decade demonstrated track record, the adage, "If it isn't broke, don't fix it," would seem sound policy advice. Yet policy machinery does require periodic...