None of the claims generating so much controversy is worth war. China is carefully using "salami tactics," successively grabbing small pieces of a larger whole to avoid a conflict. But who is prepared to fight even for the larger whole?
Last week, the collective valuation of China's publicly traded equity exceeded 10 trillion dollars for the first time in its history. Considering that forty odd years ago China's equity markets were moribund, the benchmark is astonishing.