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Edited on Wed Nov-17-04 03:25 PM by Lone Pawn
They have quite a bit of economic power. Of course, much of the rapid growth in Shanghai, Beijing, and Guangzhou (and to a lesser extent Chongqing and Tianjin) is driven by American investment, so it's to their advantage to keep us strong. We're too economically linked to do anything to each other.
The only problem is that Taiwan knows that, and has been acting somewhat restlessly. Taipei really ought watch how far it pushes, because if Beijing decides to retaliate with missile strikes, it's not certain Washington will dare to assist. If we do, there's always the possibility of an economic war between America and China--one the Chinese will probably come out on top of, unless we can get significant assistance from other nations.
When it comes to military power, Russia is a joke. They have nukes, an underequipped army, and a rusted-over navy.
China's got the land strength to potentially repel a US invasion (assuming a US draft--which I would support in event of inevitable war with the Middle Kingdom--it's difficult to say who would come out on top) but America has unquestioned air and naval superiority. The war would probably turn into a very large-scale Vietnam/Iraq combination, with a few years of steady bombing and missile strikes on Chinese cities accomponied by naval blockade followed up by a D-Day-type invasion both from the coast and from Pakistan--potentially India, given that the two have an icy relationship. From there, it's a hell of a fight. Casualties would undoubtedly rival WW2's Russian front. Fortunately, once we capture and hold cities, they'll be pacified a bit faster than Iraq. Unfortunately, Mao Zedong literally wrote the book on asymmetric warfare.
But because of our sheer naval and air power, China couldn't invade no matter how hard they tried.
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