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At least temporarily, the United States and China have halted last spring's dangerous drift toward rivalry and acrimony. Secretary of State Warren Christopher visited Beijing this week. President Clinton and Chinese President Jiang Zemin meet in Manila next week, to be followed by a trip to Washington by the Chinese defense minister and exchanges at the presidential and vice presidential level next year.

A new and fragile consensus on China policy in Washington and among the American people permits this flurry of diplomatic activity. Rejecting the extremes of hostility to China or a warm embrace on Beijing's terms, the consensus - still in the process of formation - …