When China hosted economic policymakers from the G-20 countries in Shanghai earlier this year, Chinese leaders hoped to present their vision for a new international economic order in which Beijing would take a place commensurate with its wealth. Instead, they found themselves reassuring the G-20's jittery central bankers that China's turbulent economy was not headed for a hard landing and that Beijing would not further devalue the yuan.

The episode was another reminder of the extent to which Chinese economic policymakers must now take global expectations into account. To do otherwise could weaken Beijing's case for global economic leadership and hamstring its ability to wield influence abroad using its economic power. China's 13th five-year plan, approved by the National People's Congress earlier this month, demonstrated the country's reluctance to acknowledge this reality and its preference, instead, for short-term measures aimed at improving its domestic economy.