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Will China Dump Its Dark Deal with America?

A new cold war is upon us, but only China is in a position to push it beyond the point of no return. That moment will come when China’s policymakers cross the Rubicon and decide to wean Chinese economic growth off the US trade deficit.

ATHENS – True hegemons prevail not by force but by offering hard-to-resist Faustian bargains. A prime example is the “Dark Deal,” which underpinned China’s economic miracle prior to the new cold war with the United States. That arrangement now hangs by a thread.