Welcome to U.S.-China relations! You didn't even mention China in your inaugural address, but the Chinese censors still took it personally. Treasury Secretary Tim Geithner's remarks in his confirmation hearing about currency manipulation have got everyone in a tizzy. We're off to a rollicking start!

People in China are watching closely -- and starting to debate -- whether your administration's pursuit of America's economic interests will help or hurt their own.

China is obviously not a democracy. Even so, if...