China is a paradoxical global power. It's run by the Communist Party and at the same time it has a huge private sector which includes the world's largest number of billionaires. Its economy has been described as a mix of state capitalism and market socialism. Internationally its Belt & Road Initiative has spread its economic and political influence. Washington views China as “a grave threat to the economic well-being and democratic values of the United States.” The trade war grows. Washington imposes tariffs on Chinese imports. China just sends more goods to Africa and Latin America. The U.S. has surrounded China with a string of military bases. Taiwan and the South China Sea remain highly contentious issues. How U.S.-China relations play out will define geopolitics in the coming years.