What is China’s Grand Strategy?

America's foreign policy establishment believed that China's economic ascent would lead to political liberalization, and that China in the long term would become a benign actor in world affairs. That view has been falsified, but there is no consensus about what China wants and what threat it might pose to American interests. China is seeking technological self-sufficiency and even superiority in key industries. It has concentrated military spending on advanced technologies. Its Belt and Road Initiative proposes a trillion-dollar investment program to project China's influence across the world. What is China's grand design, and how should the United States respond to it?