It's carpe diem time for China. What that might mean for the world.

China's rise has been fast, impressive, and a little intimidating to some. Howard French, author of "Everything Under the Heavens: How the Past Helps Shape China's Push for Global Power" argues that while this rate of growth won't go on forever, the next 10 to 20 years is a potentially dangerous time, as China's leaders consolidate their gains before growth slows, the population ages, and already thorny problems at home demand more attention. Building islands in the South China Sea, a new infrastructure investment bank, and an ambitious new Silk Road network of regional infrastructure may just be the start of a shift of the global center of gravity, back to what many Chinese see as its rightful, historic place.