Why should China submit to a new multilateral system in view of the fact that it is set to emerge as the winner from the current turmoil? The answer is equally simple. In order to continue rising it must make itself acceptable to the rest of the world. That means that it must move towards a more open society, combining an increased measure of individual freedom with the rule of law. Given the current military power relations, China can continue rising only in a peaceful environment where the rest of the world willing accepts the rise of China.

The Chinese leadership would need to be even more far-sighted than President Obama. They are in the driver's seat and if they moved towards a more open society they would have to give up some of their privileges. Right now, the Chinese public is willing to subordinate individual freedom to political stability and economic advancement, but that may not continue indefinitely. Corruption is a big problem and China needs the rule of law so that citizens can criticize the government and prevent it from abusing its powers.

And China needs to become a more open society in order to be acceptable to the rest of the world. The rest of the world will never subordinate the freedom of the individual to the prosperity of the Chinese state. As China is becoming a world leader, it must learn to pay more attention to the opinion of the rest of the world. But all this may be happening too fast for the Chinese leadership to adjust to it. Hopeful1y, the Chinese leadership will rise to the occasion. It is no exaggeration to say that the future of the world depends on it.