I fear an inward-looking China could be blindsided by more rapidly changing external developments. Two such possibilities worry me the most, and they are both made in America. First, is the risk of Washington-led trade protectionism. Understandably, China is focused on the upcoming strategic bilateral talks between top US and Chinese officials slated for Beijing in two weeks time (December 14-15). Led by Treasury Secretary Paulson, Fed Chairman Bernanke and US Trade Representative Schwab, and accompanied by Secretaries of Commerce, Labor, Energy, Health and Human Services, and Environment, this is as high-level a US delegation as I have seen that is traveling to deal with a major trade and international economic issue.