although I did see some talk in the last few pages of this thread about the Chinese 'sea' and I do think that's a great point, potentially I could see a Cold War brew between China and the USA if the Chinese get too heavy into trying to develop around there, in territory/waters considered international
it is somewhat absurd if you think about it though, for China to claim waters so far from their shores, in some cases ocean/islands that are just as close to other countries territory
that said I know that China will do whatever it takes to not get into serious tensions with some of their neighbors / USA simply because of their economy. although China may have one of the biggest growing economies in the world they also arguably have one of the least balanced ones, and for its size probably the economy that is MOST reliant on its trading partners. it is extremely artificially grown too, with China constantly adjusting their currency internally to make it weaker in comparison to other currencies as to encourage people to trade with them (i.e. the REminbi is worth like nothing next to the Euro or Dollar)
the issue is basically China's economy is built on very weak foundation at the moment, their goal has been to push growth no matter what the options may be and not always with thinking about the future
issues
China stops trading with the USA? USA begins to make more crap from India or South America instead. USA/West stops trading with China? their economy collapses
that is the stress/dangerous part of having economy practically fully built on the cheap manufacture of goods. it's not anywhere near as stable as an economy built on technology/agriculture/natural resources at this point
I think a lot of that explains why China is being so aggressive trying to gurantee their ocean claims in Asia- they recognize how unstable their economy is long term and how much it relies on other nations. By grasping more land or water locations that contain natural resources (in these cases mostly oil) they give themselves more freedom and more power through natural resources
in the end there is only so far China will go to attempt to obtain the water around them, obviously it's a current priority but we're not seeing them push insanely hard yet because it would not be worth risking their trading partners. we'll see how much they ramp up building oil infrastructure out there and how their neighbors react and then how they react. these things take time though, China has just began it's attempt to take advantage of the sea on its borders so its quite hard to say yet if it will develop into an international conflict