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April 13, 2004

Between Heaven and Earth

China, the Middle Kingdom, believes it is something special. Dazzling economic news tends to concur.

I still visualize China in extreme poverty and political bondage. Trips to China revealed an industrious, inventive nation, but one burdened by history, size and communist rule.

Never would I imagine stories about China's economy overheating, but there is talk of ratcheting back the money supply. Since when did the dead wood of the state banking system conceive efficient monetary controls? Or the cash to release and withhold as a tool?

I blinked and China turned into a voracious consumer with a trade deficit! Sky-high gasoline prices can be traced in part to competition with China for foreign oil supplies.

These are not novelty stories about weight-loss camps for roly-poly Chinese kids, the spoiled progeny of a favored elite. China's economy is putting on muscle and brain power. Semiconductors replaced stuffed animals. China's negotiators are ready to arm wrestle with Washington.

Communism is not adroit enough to survive in this environment. China has more surprises to come.


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Posted by Lance Dickie at April 13, 2004 03:37 PM



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