R. Elgin has written an article at the Marmot's Hole that talks about China's proposal to reparadigm the relationships among Asian countries in the region, basing them not on the "antiquated" notion of military alliances but rather on more economic grounds. China's vision, as Elgin points out, leaves little to no room for American influence in the region.
One comment to Elgin's post echoed my own sentiments (edited for style):
Fine by me; just don't call us back up when they fuck you over.
Exactly. China won't be anything like the friend to South Korea that America has been. South Koreans feel free to demonstrate against the US because the US's gentle stance gives South Koreans no reason to fear it. South Korea rarely demonstrates against China, by contrast, and when South Korean citizens do get upset at China, they don't show anywhere near the vehemence they show during anti-US protests. When fear is a factor in your relationship with someone, you can bet the relationship will turn toxic. Bye-bye Pax Americana, hello actual imperialism (in case some of our doves, who constantly and falsely accuse the US of imperialism, have forgotten what real imperialism looks like).