Now that the United States is riven by internal politics, alienating allies, and once again consumed by a war in the Persian Gulf, this seems like an opportune moment for China to wrest the mantle of global leadership. Yet Beijing has avoided capitalizing on these conflicts with a strong public position. Instead of confronting the United States by defending Iran, a longtime strategic partner in the region, China has provided only indirect support and has largely stayed on the sidelines. China's restraint should not be seen as a sign of weakness. Instead, the country is biding its time, positioning itself as the ready choice to fill a leadership vacuum when the United States flames out. China's leaders are working to shape a world in which their dominance emerges not as a climactic victory over Western interests but as a fact on the ground. In private conversations and public writings, China's leaders and their advisers often describe America as 'declining but dangerous''a late-stage...
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