Globalization can be understood as an actual historical process toward a structural convergence in economy and politics among nations in their ever-increasing interaction and interdependence, with the consequences of such convergence having an impact on their social and cultural spheres. It is generally understood that China has been rapidly globalizing and that a globalizing China has been a primary catalyst for improving living standards in many parts of the world.

Globalization must be an especially complex phenomenon and challenging task for China, an ancient nation with rich and weighty tradition. China has shown amazing vitality in its economic sphere. Its development since the late 1970s is nothing short of a miracle.

Moreover, as China shows signs of going beyond its initial focus on economic globalization to address its political, legal, ethical and cultural implications, the holistic success of its attempt at globalization will be of historic significance to the world. Friendly and concerned students of China would want it to become a moral leader of the world by meeting the following requirements in its globalizing effort.

First, rather than obsessively competing to become the wealthiest nation in the world, they would like to see China committed, both in language and action, to creating a world that observes equal human dignity, solidarity and co-prosperity, and respects the rules of international comportment.

Second, China's friends and well-wishers would like to see it help deconstruct the paradigm of international politics that has prevailed for ages, namely, a nation using its wealth to build arms for the purpose of hegemony and dominion as imperial Japan did in the late 19th and early 20th centuries. They would also like to see China emerge as a new and powerful champion of domestic and world peace and justice.

This moral challenge may be difficult for China to meet in light of its experience of foreign invasion and domination (such as the Opium War and the brutal, barbaric invasion by imperial Japan). China's courageous stance on peace and justice would therefore be all the more persuasive.

Third, they would like Chinese intellectuals and leaders to engage in global dialogue on human ideas and values for the multiple purpose of educating the world about its cultural heritage and its present appropriation, helping overcome nations' cultural narcissism and promoting mutual respect in the hope of forging a "fusion of horizons".

Fourth, friends and well-wishers would like to see China's foreign policymakers heed to the ancient wisdom of China as exemplified by the following three four-letter expressions, when they deal with China's small neighbors.

Yi di si zhi: Roughly translated as "Put yourself in the other person's position and look at the situation from his perspective."

He er bu tong: "Live with others in harmony but stick to your principle."

Wu xin bu li: "Without trust, nothing stands."

And, finally, is it beyond the pale to suggest that China embrace its small, neighboring countries and let them ride the bandwagon of the Chinese Dream, and help lift them from poverty by developing together the abundant resources in the South China Sea?

The present is kairos for China to seize or miss.

The author is professor of Finance & International Business at the Stillman School of Business of Seton Hall University, New Jersey, and a visiting professor at the University of International Business and Economics, Beijing.