AP Photo

China's rise and its state-capitalist model present the most significant commercial and geopolitical challenge that the U.S. has faced in two decades, and as Hillary Clinton, the secretary of state, discovered during a visit to Beijing last week, frictions between the two governments are on the rise. Conflict between the US and China is far from inevitable, but it is in the interests of the U.S. – and China’s neighbours – to ensure that Washington remains a stabilising force in Asia as Beijing flexes its muscles.