With trade deals on the horizon, President Obama has asked Congress to grant him trade promotional authority, also called fast track, to ‘‘write the rules for the world’s economy.’’ This measure would allow the President to pass sweeping trade partnerships without the input of the American people through their elected representatives in the normal process.

The US DOD’s 15th report on China’s military, pushing China again into the rank of potential adversaries. Indeed, only the four militaries of the former Soviet Union, China, Iran, and North Korea have enjoyed the “privilege” of US DOD’s annual scrutiny. In addition to the monotonous description of the latest developments in Chinese armed forces, this year’s report has some new features.

The Trans-Pacific Partnership (TPP), with congressional approval, is primed to have “fast track” status to avoid public debate. The TPP would provide new incentives to send jobs abroad, increase corporate earnings, remove protections from both overseas and U.S. environments and workers; supporters argue that it is necessary to “outflank” China.

Comparing the world’s two largest economies by “who’s on top” analysis is the wrong way view U.S. and Chinese leadership, and can even be a barrier to sensible policy, like IMF quota reform. The rules of the game now require a larger and more equal share in the governance of the international institutions.

Over the past two years, Washington has lobbied against the China-led Asian Infrastructure Investment Bank. Now, nearly 50 countries have joined or applied to become prospective founding members. Dan Steinbock argues that the U.S. opposition is a reflection, not the cause, of a deeper challenge – that of adjusting American exceptionalism into the era of multipolar world economy.

The U.S. Congress’ inability to pass fair IMF reforms is partly responsible for China’s creation of the Asian Infrastructure Investment Bank (AIIB). While the U.S. is not at the center of this newly created institution. America still has time to develop the consensus in Congress to strike a balance between America’s leadership in the international system and the demand of others to have enough space, not only to survive in the system, but also to prosper.

Economic and security structures in the Asia-Pacific region have shown a trend of changes towards the “dual-track structure” between U.S.-led allies and Chinese-led allies. It is imperative for China and the U.S. to optimize strengthen their complementary features, rather than maintain a bipolar and competitive nature, so as to ensure development and security in the Asia-Pacific region. Zhai Kun provides four suggestions to achieve this.

The controversial issue of “currency manipulation” has resurfaced. However, Washington and Beijing have very different perceptions about the identity of the “currency manipulator.” The net effect is currency friction that is likely to prevail until the 2020s.

Asian states will look at potential partners around the Pacific Rim and determine if they are ready to walk the walk or simply talk the talk. So far the lesson of Canada and Australia is that walking the walk requires sustained, strategic commitment, but has a big potential payoff. Australia has been taking concrete steps to solidify its relationship with Asia; Canada has been talking about it, and is only now starting to put into place an engagement program with substance.

While the TPP is not attractive to several APEC economies because of its U.S. dominance, the proposed FTAAP, which embraces all of the 21 APEC economies, is meant to be an all-inclusive, all-win trade initiative that represents the largest single trade liberalization in history.