"Economist" magazine,May 9, 2008 issue on page 106: The more productive an economy is the more effectively it uses capital and labor. China is leading all nations for sources apropos of real GDP growth,% 1999-2005. Paul Krugman,Economics Professor at MIT commented about China to be accounted for the bulk of rising affluence. My comment: Delta Output is the function of Delta K and Delta L. i.e. Changing Output is the function of changing more plant capacity usage for K and bigger workforce in China for Labor Force Development as per my simple equation.
Page 13: Many Chinese enjoy a prosperity undreamt of by their forefathers.
Chinese rage has focused on the "Anti-China" bias of the Western press, which is accused of ignoring violence by Tibetans in the unrest in March 14,2008. China-bashing can be expected with protectionist sentiments in the US. However,Treasury Secretary Paulson,Jr. is in the know for his positive scenario re US-China relations i.e. Sino-American Economics for mutual benefit.
The Olympics have become a symbol of China's right to the respect it is due. Protests,criticism and boycott threats are seen as part of a broader refusal to accept and accomodate China. My comment: China has been a member of WTO and consumers are being benefited for less cost. Wal-Mart is a typical example of success in the United States and in China as empirical evidence.
The unprecedented phenomenon, of the rapid integration into the world of its most populous country, seem irreversible. The world and China have to learn to live with each other. The best way to have better understanding is for Westerners to study Chinese language and culture of music re four tones in Mandarin and the art apropos of calligraphy. www.ask.com or www.rand.org for reference.
Francis Shieh a.k.a. Xie Shihao,a watcher of China's development with reference to the American economy in the 21st century. May 9, 2008 at 2.08 p.m.
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