Dhaka, Aug. 27 -- The chessboard is set-not of wood, but stretched across the map of continents, with pieces taking human form. At the corners sit four powerful players, while Bangladesh stands in the middle-a curious character, sometimes called the queen, sometimes a mere pawn, or sometimes just a square that everyone wants to occupy.

In the northeast sits China-eyes on trade telescopes, hands tracing maritime routes. With a smile, it declares, "We'll build ports, roads, and bridges-but the key remains with us." To the south, the United States-suit and tie, a shiny democracy badge in hand, but behind the politeness, a market ledger.

It whispers, "You may be independent, but under our umbrella." To the east, India-a neighbor, yet always...