China and the United States in a Global Economy

In the words of former U.S. Trade Representative and current Chairwoman of the Council on Foreign Relations, Carla Hills, China and the United States are like twin engines on the aircraft of the 21st century global economy. Both countries need to realize that neither is the dominant power in the world. While many labeled the 20th century, the American Century, and while China enjoyed a long history of power in the world (17-18 centuries worth), the key to a stable and prosperous world order lies in Sino-American partnership and not confrontation. A multi-polar world does not mean that the U.S. should not voice its views on the values it holds dear, but it does mean that both it and China should not become involved in each other's internal affairs. Moreover, both countries, though at different stages of development in modern history, have significant internal challenges (some interconnected) that need to be addressed to insure their future health and status in the world's eyes. What are these realities in each country?