the notes are coming due

Reuters) - The United States should alter policy to take account of China's role as a major player on the world stage if it wants to avoid friction and instability, a major state newspaper said on Thursday.

The commentary in ruling Communist Party mouthpiece the People's Daily followed the latest spat in Sino-U.S. ties, over what China views as unwarranted U.S. interference in a territorial dispute in the South China Sea.

While senior officials, including U.S. President Barack Obama, say they welcome a prosperous, flourishing China, good words must be backed up by actions, the newspaper said.

"If the United States cannot find a way of recognizing and accepting China's entrance on the world stage as a big player, relations will swerve up and down like a roller coaster," it said.