In terms of geopolitics, China today is the world’s supreme free rider. China’s oil consumption has doubled in the past 10 years, while America’s has actually declined. As economist Zhang Jian pointed out in a paper for the Brookings Institution last year, China relies on foreign imports for more than 50 percent of the oil it consumes, and half of this imported oil is from the Middle East. (China’s own reserves account for just 1.2 percent of the global total.)

Moreover, China’s dependence on Middle Eastern oil is set to increase. The International Energy Authority estimates that by 2015 foreign imports will account for between 60 and 70 percent of its total consumption. Most of that imported energy comes through a handful of vital marine bottlenecks: principally, the straits of Hormuz and Malacca and the Suez Canal.

Yet China contributes almost nothing to stability in the oil-producing heartland of the Arabian deserts and barely anything to the free movement of goods through the world’s strategic sea lanes.

True, China’s defense budget is still a fraction—8 percent—of ours. But even the official figures, which are probably underestimates, reveal that it has gone up by a factor of two and a half in the past 10 years.