This is a good follow-on to our comprehensive "China's Goals, Military Buildups... and Futures" post. Robert Kagan of the Carnegie Endowment for International Peace explains why he thinks the idea of 'managing' China's rise is a comfortable fiction:
"The history of rising powers, however, and their attempted "management" by established powers provides little reason for confidence or comfort. Rarely have rising powers risen without sparking a major war that reshaped the international system to reflect new realities of power. The most successful "management" of a rising power in the modern era was Britain's appeasement of the United States in the late 19th century, when the British effectively ceded the entire Western Hemisphere (except Canada) to the expansive Americans. The fact that both powers shared a common liberal, democratic ideology, and thus roughly consonant ideas of international order, greatly lessened the risk of accommodation from the British point of view.
Other examples are less encouraging...
Daniel Starr, who has noted that China's approach to "go to war" decisions is very different from ours, follows up with one set of possible responses Six Ways to Keep China From Making Trouble. As you go down the list, you'll see that many are already underway (including item #6). As LBJ put it: "Keep your friends close, and your enemies closer. Hold 'em so tight they can't wiggle."