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China and the USA:The new balance

Hi

The topic for this moment in time is the new balance in the world. That is, China and the USA. By new balance I  mean, China will 'rule' the east and the US will look after the west. This makes sense both in peaceful terms and economic terms. What is in it for Australia? I think Australia should align itself with China and not the US, simply because of its geographical position in the world and in economic terms, align with the fastest growing nations of the world.

What do you think?