Five Things Obama Should Do in China

As Barack Obama arrives in Beijing, he faces a different reality in China than either Bill Clinton or George W. Bush did at the start of their presidencies. Many commentators have remarked that, with Chinese purchases of U.S. Treasuries now crucial for funding the U.S. budget deficit, China has become America's banker. But this is only half the story: Today, these two giants are now more dependent on each other than ever before.

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In the short term, a reinvigorated American economy is critical for China to re-energize its listless export sector and protect its trillions of dollar-denominated investments. And in the longer term, a fundamental restructuring of the bilateral relationship is crucial. Economic and environmental issues have pushed to the top of the agenda, moving ahead of traditionally flammable subjects like Taiwan, Tibet, and human rights.

The U.S. president will not lack for challenges to tackle in China. The five most difficult issues he faces include open markets, energy and climate change, military ties, currency, and yes, those touchy issues of Taiwan, Tibet, and China's treatment of its own people.

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