China's capacity in global governance has been enhanced significantly.
“The U.S. nuclear umbrella is a principal reason why North Korea does not use its conventional forces to inflict a major strike on South Korea. That in turn reduces any South Korean temptation to get its own nuclear deterrent. But no first use would mean that the U.S. would not use nuclear weapons to counter a North Korean conventional attack, and so removes them as a reason — perhaps the principal reason — for the North to show restraint.”
China has a 'significant problem' from its gigantic debt load, but its reform options could make it worse.