Some American commentators have described the Clinton mission to China as more symbol than substance. But the ever closer Washington-Beijing "strategic partnership" has as its aim to maintain the peace and prosperity of the world. PNS editor Franz Schurmann, a professor emeritus of UC-Berkeley, has traveled widely in China and reads the Chinese, Russian and Arab-language media.

SAN FRANCISCO -- The Clinton trip to China is widely viewed as more symbol than substance. Not so. The trip is deadly serious. The two chief items on the summit agenda are preventing a crash of the global financial system and the outbreak of a dangerous new hostilities in the Middle East.

That the White House is deeply concerned about the global financial system is well reported. Less covered have been the repeated pleas to China by President Clinton and Treasury Secretary Rubin not to devalue its currency. Both said if China did devalue that could trigger the system's collapse.

That the White House is deeply concerned about the Middle East is also known. Less covered is the fact that Iran is close to operationalizing medium-range missiles that can hit Israel and that the Israeli media reflect strong desires to destroy those missiles before they are ready to go. That is why both national Security Council director Sandy Berger and Secretary of State Madeline Albright have signaled Iran as a key summit subject.

Russia and China are the chief suppliers of missile and nuclear technology to Iran. Washington wants both to stop the supply. But Russia has been playing games on the issue because there is nothing much Washington can offer in return. China, on the other hand, has been talking seriously with Washington, in good part because there is a lot Washington can offer in return, especially on Taiwan.

The World Journal, a U.S.-based Chinese-language, pro-Taiwan newspaper, highlighted the weighty substance of the nine-day long presidential visit in an editorial that also warned its readers to be prepared for setbacks in Taiwan's situation. Another editorial the following day headlined "Clinton-Jiang summit advances military cooperation."

The American and Chinese militaries have been co-operating for some 25 years. Now their cooperative range extends way beyond East Asia deep into the Middle East and South Asia.

Another Chinese-language American newspaper, the pro-Beijing China Press, explained the symbolism of Clinton having "chosen" Xian as his first stop in China. Xian's history goes back over 3000 years as one of the cradles of Chinese civilization. But it is the only cradle which, as the eastern terminus of the Silk Road, had contact with ancient Iranian civilization. And that cradle was geographically not in Persia but in Central Asia.

That the Middle East figures centrally in the current Sino-American summit was highlighted by a little noticed trip by Israeli prime minister Netanyahu to China a few weeks ago. Photographed on the Great Wall he too contributed to the symbolism. While Xian's Silk Route symbolizes an open door to trade -- as with Iran in ancient times -- the Wall symbolizes keeping out the barbarian warriors.

Who, in this Chinese symbolism, are the contemporary "barbarians?" It looks like it's the Russians and the Japanese who just announced they are finally ready to sign a peace treaty. Who are the "civilized" peoples? It looks like the Chinese, Americans and Iranians. By posing Netanyahu on the Wall, it seemed as if his Chinese photographers were asking him: which of the two do you want to side with?

If Netanyahu decides for a strike against the Iranian missile sites then the warning recently issued by Saudi ambassador Prince Bandar could come to pass: "The Middle East is being driven to the brink." Bandar meant not only Israel's moves to alter the status of Jerusalem or the possibility of a strike against Iran, but the fact that OPEC may now be on its last legs.

In both Washington and Beijing Russia is seen as playing games in the Middle East and Japan as reneging on its promise to drive the yen back up. The ever closer Beijing-Washington "strategic partnership" has as its aim to maintain the peace and prosperity of the world -- put a cap on missile buildups and keep global trade going and global money stable.

In ancient times the Silk Route's western terminus was the Roman Empire. In between were the Iranian realms. The China Press intoned a paean of praise for merchants as great forces for prosperity and peace. A lot of the controversy over U.S.-China relations -- in both countries -- has to do in the end with whether people agree with that paean or not.

The Clinton administration agrees with that statement and so do China's new leaders. Their opponents prefer ambiguity, which used to be Clinton policy as well. Maybe so do Russia, Japan and Israel.

If the new Sino-American partnership holds, there are grounds for global hope. If not, then ambiguity will return with the danger of deep, deep troubles ahead.