After three decades of breakneck growth, China overtook Japan as the world's second largest economy in 2010. The reaction in the West to China's stunning success has so far been mixed, which boils down to one question: What role will China play in the world amid its seemingly unstoppable growth?

History shows China has basically remained an inward-looking country. This tendency is most vividly expressed in the Great Wall. Despite its occasional outbursts of anger and bellicose reaction to what it regards as provocations, China harbors no ambition to become a hegemonic power. Yes, China needs to learn how to be more relaxed in global affairs. At the same time, as former US national security adviser Zbigniew Brzezinski said, Western countries should be coming to terms with China: "(A) drift into escalating reciprocal demonization" would be the worst outcome for Asia's long-term stability as well as for China-United States relationship.

China has done more than any other economy to pull the world out of recession, and may remain an important engine of global growth for some years to come. According to the 12th Five-Year Plan (2011-2015), China will shift from export-led and investment-driven growth to a more balanced pattern of economic development. As a result, China's growth rate may be significantly lower, but more sustainable.