What if china is going bad? Since early last year I have been asking people inside and outside China versions of this question. By “bad” I don’t mean morally. Moral and ethical factors obviously matter in foreign policy, but I’m talking about something different.

Nor is the question mainly about economics, although for China the short-term stability and long-term improvement of jobs, wages, and living standards are fundamental to the government’s survival. Under China’s single-party Communist arrangement, sustained economic failure would naturally raise questions about the system as a whole, as it did in the Soviet Union. True, modern China’s economic performance even during its slowdowns is like the Soviet Union’s during its booms. But the absence of a political outlet for dissatisfaction is similar.

Instead the question is whether something basic has changed in the direction of China’s evolution, and whether the United States needs to reconsider its China policy. For the more than 40 years since the historic Nixon-Mao meetings of the early 1970s, that policy has been surprisingly stable. From one administration to the next, it has been built on these same elements: ever greater engagement with China; steady encouragement of its modernization and growth; forthright disagreement where the two countries’ economic interests or political values clash; and a calculation that Cold War–style hostility would be far more damaging than the difficult, imperfect partnership the two countries have maintained.

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