Chinese Ambassador to the US Cui Tiankai said in a recent interview with Foreign Affairs magazine that China has integrated into the global system and is ready to integrate further as well as follow international rules.
But he added that because some of those rules were set half a century ago and without China's participation, they are outdated.
"What we want is not a revolution," Cui said. "We stand for necessary reform of the international system, but we have no intention of overthrowing it or setting up an entirely new one."
Subramanian also suggested that Washington should actively promote the rise of China's currency as an international reserve currency.
"If the renminbi were to become a reserve currency, China would be reluctant to jeopardize that by closing its markets to foreigners or expropriating property," Subramanian said
In a paper on Peterson's website early this month, Subramanian argued that China will be willing to take on additional responsibilities because its rebalancing strategy - from an investment-driven to a consumption-driven economy - will require a new round of liberalization. He said this will include reform of State-owned enterprises and the opening of the financial markets.
"This is also what outsiders want and an open trading system needs," he said.
About the broadcaster:
Lance Crayon is a videographer and editor with China Daily. Since living in Beijing he has worked for China Radio International (CRI) and Global Times. Before moving to China he worked in the film industry in Los Angeles as a talent agent and producer. He has a B.A. in English from the University of Texas at Arlington.
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