I've been reading a bit on the subject, and it seems to me that if China and India were to have a go at it, there are some severe logistical problems specifically for China. They have this Giant mass of Frozen Wilderness to the North of them called Siberia, and Siberia is Russian territory. Russia has always proven itself relentless, and even though Russia isn't the power it once was, I expect to see a burgeoning Russian Military in the next couple of decades, especially if Putinism doesn't falter. So China is sitting in a strategic land mine. Russia and India are known to "talk" once and awhile, so if China goes for India they have to deal with Russia to the north, if China goes for Russia, they may have to deal with India in the south. Especially if dwindling resources are the problem. And if indeed thats what these countries are fighting for, I'd say the safe bet in bountiful resources lie in Siberia, not India.
I'm beginning to think you may see a warming trend between Russia and China for the next couple of years, and then it will turn deadly cold. Once China begins losing it's own resources, and Africa can't supply efficiently enough, China may begin looking hungrily to the North, and they don't have to necessarily worry about who has enough manpower, Russia will always lose in that struggle. OTOH, Russia has a much longer and more respected military tradition, whereas as far as I'm concerned India's is rather just blossoming in the 21st Century... so it's a hard call, but if I were forced to make a decision between the two, I'd pick Siberia.
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