In a series of war games in the seas and skies around Taiwan last month, China deployed some of its newest strike aircraft, warships and missile forces. However, one of the most menacing weapons used in the drills: an updated version of a bomber that first flew in the early years of the Cold War.

Shugart said that Chinese military doctrine for island landing campaigns, such as an invasion of Taiwan, calls for strikes against headquarters, communications facilities, logistics centers and other key targets, along with attacks on airfields, ports and ships at sea.

Unlike the military and ideological confrontation stemming from the Cold War of the 20th century, today's rivalry between the US and China points to issues surrounding technology and trade in key global sectors.