"When we talk about the great rejuvenation of the Chinese nation, some people ask me which period in history China wants to return to," Li continued." The Yuan Dynasty (1271-1368) after Genghis Khan's expansion, or the heyday of the Qing Dynasty (1644-1911) before the 1840 Opium War? It is a pure misunderstanding if it is not asked in a malicious way."

What about that danger of "self-fulfilling prophecy"? It cuts both ways. If foreign powers, led by the US, do in fact strategize to "contain China" (artlessly applying George Kennan's classic Cold War narrative of "containing" the Soviet Union), then China will react adversely and confrontation will be made more likely, not less. Similarly, if China robotically interprets all US policies as "containment", and reacts adversely, it could inadvertently make actual containment more likely. It's "Game Theory 101". These political equations can only be solved in parallel, not in series, with 'transparency' being the key operator. China and the US must strive for openness and candor, particularly in matters of defense.

Foreigners are wary of relying on China's goodwill, no matter how genuine. This frustrates China, but China must not cast blame or conjure up conspiracies. Better is to show how China's national interest would be undermined by trying to assert hegemony. China's main mission is to elevate the standard of living of its citizens and international troubles undercut China's capacity to achieve this goal.

Looking back, future historians will likely assess the Chinese Dream as a visionary milestone that energized President Xi's transformation of China across a broad spectrum of complex economic, social and governance issues. The entire world should benefit - though missteps along the way will be easy to make. Vigilance and diligence are not optional.

I conclude with a personal story. Two years ago, to honor the achievements of China's previous leaders, I was asked to co-produce, host and write a TV documentary series. While this may be a worthy project, I suggested that it may not be the best way to tell the real story of China to international audiences. Better, perhaps, might be to explore the problems-the challenges-that China's new leaders face.

Next month, May, China's Challenges is being broadcast on PBS stations across the US ("World" network). Framed in terms of President Xi's Chinese Dream, the five-part TV series addresses social issues (healthcare, education, housing, retirement), economic restructure and pollution, innovation, political reform (such as budgetary transparency), and beliefs (women, religion, national service).

By showing that China is candid about its problems, and confident about presenting them openly, we hope to deepen appreciation for what the Chinese Dream really means - transformative for China and a gift for the world.

The author is an international corporate strategist and investment banker, and the author of the biography of former president Jiang Zemin.

(China Daily 04/17/2014 page8)