Wall Street Journal,Aug.29,2008 page A10

Asia seeks its own trade deals as global talks stall: The 10-nation bloc agreed with China on the importance of an investment deal by December to complement existing bilateral agreements on trade in goods and services.
The 16 AsiaPacific ministers agreed that all economies must work together to preserve constructive and continued engagement. Sino-American Economics must be constructive and continuing for mutual benefit.

Page A16: John Sullivan wrote and rebutted Milton Friedman's Theory for private interest only: "With government bailouts and increased regulations of the financial markets being in the headlines,our housing and financial markets are NOT FREE, but regulated by the very socialist ideals." It is interesting to note the nature of China's economy i.e. Socialism with Chinese characteristics i.e. the market economy with socio-economics(economics to serve the society) as some American economists advocated in 1970s when I was teaching the American economy.
The first Nobel Laureate in Economics,Tinbergen developed the "Convergence Theory"j of varied economic systems in 1969 with his smart vision as we have been watching such convergence now in the 21st century.For example, Sino-American Economics at work at present to validate his good theory.
Let us watch the happenings of Sino-American economics in a nutshell. A good theory must be relevant otherwise such theory may be discarded. "Work and Study Cycle Theory"(1968) Cf. www.ask.com for reference apropos of the validity and implementation of such realities in USA and in China as well.
"Keys for Economic Understanding"(1971) and "Keys to Economic Understanding"(1976)are dedicated to the same rationale as the events occurring at present in the 21st century.

Francis Shieh a.k.a. Xie Shihao, a lifelong student of economics since 1940s. August 29, 2008 at 1 p.m.