The shape of the world is cha n ging almost as dramatically as this city’s skyline. Today the cold war is over. The risk of the global nuclear conflict has been greatly reduced and the free flow of goods and ideas is bring ing to life the concept of a gl o bal village. But just as all nations can benefit from the promise of this new world, no nation is immune to its perils. We all have a stake in building peace and prosperity, and in confronting threats that respects no borders-terrorism and drug trafficking, disease and environmental destruction . To meet these challenges most effectively, China and the United States must act in concert. Some argue that with the Cold War’s end, the strategic importance of the US-China relationship has diminished. I believe they have it exactly backwards. As a new century begins, the importance of strengthening the ties between the United States and China will grow even greater.