THERE ARE A LOT OF WINNERS, JUST NEITHER OF THEM:

One thing is certain: simply hoping that China will stop encroaching on Indian territory will do India little good. After all, India got into this situation precisely because its political and military leadership failed to take heed of China's military activities near the frontier. On the contrary, while China was laying the groundwork for its territorial grabs, Indian Prime Minister Narendra Modi was bending over backwards to befriend Xi. In the five years before the first clashes flared in May 2020, Modi met with his Chinese counterpart 18 times. Even a 2017 standoff on a remote Himalayan plateau did not dissuade Modi from pursuing his appeasement policy.

Seeking to protect his image as a strong leader, Modi has not acknowledged the loss of Indian territories. India's media enables this evasion by amplifying government-coined euphemisms: China's aggression is a "unilateral change of status quo," and the PLA-seized areas are "friction points." Meanwhile, Modi has allowed China's trade surplus with India to rise so rapidly - it now exceeds India's total defense budget (the world's third largest) - that his government is, in a sense, underwriting China's aggression.

But none of this should be mistaken for unwillingness to fight. India is committed to restoring the status quo ante and is at its "highest level" of military readiness. This is no empty declaration. If Xi seeks to break the current stalemate by waging war, both sides will suffer heavy losses, with no victor emerging.

In other words, Xi has picked a border fight that he cannot win, and transformed a conciliatory India into a long-term foe. This amounts to an even bigger miscalculation than Modi's policy incoherence. The price China will pay for Xi's mistake will far outweigh the perceived benefits of some stealthy land grabs.

In a sense, China's territorial expansionism represents a shrewder, broader, and slower version of Russia's conventional war on Ukraine - and could provoke a similar international backlash against Xi's neo-imperial agenda. Already, China's aggression has prompted Indo-Pacific powers to strengthen their military capabilities and cooperation, including with the United States. All of this will undercut Xi's effort to fashion a Sino-centric Asia and, ultimately, achieve China's goal of global preeminence.

Xi might recognize that he has made a strategic blunder in the Himalayas. But, at a time when he is preparing to secure a precedent-defying third term as leader of the Communist Party of China, he has little room to change course, and the costs will continue to mount.

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