If we examine the arguments of the 320 referendum in Taiwan under a more global-strategic perspective, we will find that the views of the politicians in Taiwan seem to be limited in an obsolete scope that stayed in the Cold War time. They ignored the fact that China has been integrated into the global production networks, and has participated to sustain the global political order led by the United States. This article intends to describe the new strategic thinking of China's leadership, that is, the "peaceful rise," by analyzing the case of recent banking reform. By integrating China into the global capitalist economy, China's leaders on the one hand are able to utilize the international capital to help develop China's domestic economy and overhaul China's fragile social infrastructure, but on the other hand they also benefit the global capitals by sharing the domestic market with them, and thus are able to sell the image of China's "peaceful rise." Facing such a subtle maneuver of China's new strategy in the international community, Taiwan's leaders need to shrug off their anachronic views and update their knowledge of China. To respond to this, Taiwan needs a more realistic and creative international strategy.