Effects of downturn in the USA: China is cooling

Washington Post, September 13, 2008 page A14:
"Chinese growth cools and the policy makers are changing tactics. The government has decided that slower growth is now the greater threat, moving in recent weeks to loosen lending to regional banks, which could in turn provide more loans to medium and small businesses."
"China also has an ace in the hole with almost $2 trillion in cash reserves, leaving it free to spend on massive infrastructure projects that will keep feeding the domestic economy. While China spent about $42 billion on Olympics related construction,it is now expected to spend in the neighborhood of $180 billion to rebuild the area devastated by the earthquake. Consumer demand accounts for only about 35% of China's economy, about half the proportion in the United States." My comment: It is the different lifestyle of the folks in China which should be noted by American economists. That is why the rate of saving is high in China. Analysts in US tend to have American lifestyle in mind paying little attention to the lifestyle of the people in China. The typical example is the Purchasing Power Parity as I published my article in the Atlantic Economic Journal in 1970s and the same rationale was cited by Lawrence Summers in 1990s.

Page A15: a high school teacher who furnished cocaine to students and was dubbed in the school's yearbook "the cooled women alive." Skip Wolfe wrote "I don't consider either of these women "cool"; rather, they used extremely bad judgment when interacting with students. Let us wake up and use the term "cool" where it is deserved for a display of examplary character." I have reason to believe that most American and Chinese would share the same values as known the proper meaning of the word "value" Any comment from the readers,please?

Francis Shieh a.k.a. Xie Shihao,a graduate student from China in 1947 and I have been studying Sino-American Economics with intellectual curiosity. Sept. 13, 2008 at 8.28 p.m.