And I have bad news for the United States: Rebalancing won't be the relatively pain-free process some in Washington hope. Faced with an increasingly ugly bilateral trade deficit, many of the most senior U.S. officials -- including many who should know better -- have repeatedly called on the Chinese leadership to empower Chinese consumers to buy more Chinese-made products and to allow the renminbi, China's currency, to appreciate to help them afford it. The Foreign Policy Survey results reported here also suggest Washington is on solid ground: Nearly 100 percent of the leading economists consulted told the magazine they think the renminbi is undervalued.

But in reality it's hard to imagine a better example of "be careful what you wish for."