Big Picture

Why the U.S. and China Should Be BFF

One of the most important administration appointments is ambassador to China, Fareed Zakaria writes in Newsweek. If a working relationship between Washington and Beijing isn't maintained, "things could get very, very ugly," he suggests. "In order to run up these deficits—which could total somewhere between $1 trillion and $1.5 trillion, or between 7 and 11 percent of GDP—someone has to buy American debt. And the only country that has the cash to do so is China."