Don't magnify China's power
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Nye said the US should welcome China's growth, and there are signs the US is, willingly or not, shaping the environment for China's growth rather than containment.
"Contrary to the Cold War, where the US had virtually no trade with the Soviet bloc and very few social exchanges, the US has opened its market to China and has a large trade deficit," he said.
"Moreover, there are over 100,000 Chinese students studying in the US. (US President Barack) Obama's hope to send 100,000 Americans to study in China is another example."
The growth of the Chinese economy has moved hundreds of millions of people out of poverty, and this is a great accomplishment, Nye said.
But China lags in military power and lacks US' "soft power" resources, such as Hollywood and world-class universities.
It is important to increase China's soft power as well as its hard power, he said.
There are great expectations regarding China's growth. Despite China being a developing country, the world will expect China to play a greater global role, said Nye.
"As China's size grows, its impact on the world economy and environment increases and other countries look to China to help produce the global public goods such as financial stability and restraining carbon emissions that affect everybody," he said.
"Thus China cannot afford to wait until it is truly rich to begin to share in playing a greater global role."
Although the relationship between the US, China and Japan has experienced "difficulties" and "misunderstandings", in the long term, stability and prosperity in East Asia depend upon good relations and cooperation among three sides, Nye said.
Nye is positive US-China ties will improve "as the US and China realize that they need to cooperate to manage many of the new transnational challenges both countries face".
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