China At A Crossroads

Credit: JFunk via Shutterstock/Salon)

The Ferrari-Red Communists -- Erich Follath and Wieland Wagner, Spiegel Online

China at a Crossroads in Shift from World's Factory to Industrial Power

The Chinese are seen as victors in the global financial crisis, and as both a hope and a threat to German industry. Beijing wants to be more than the world's factory. But the country's economic engine is showing signs of stalling and it is uncertain what direction it will take in the future.

A visit with Mr. Huang, one of the richest and most controversial men in the People's Republic of China, is full of surprises. Take, for example, the four pairs of climbing boots lined up like exhibits behind the door to his office. "I was at the South Pole and North Pole, and twice on Mt. Everest with these," says Huang, pointing proudly to a series of photos that serve as proof of his adventures. There are Buddha statues and various animals in the adjacent rooms, including rhesus monkeys and pygmy rabbits in cages, as well as small sharks swimming in circles in a large aquarium leaning against a wall.

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My Comment: I had the good fortune of not only visiting China in the mid 1980s, but living there in 1988. Trust me .... 24 years later the place does not look the same anymore. But this growth should not surprise any of us. When I was living in Fujian province, we had the good fortune of being able to receive TV signals from Taiwan. I quickly learned that the number one program on TV .... and one that resulted in the streets being deserted for one hour .... was .... reruns of Dallas. The Chinese wanted to be like the Americans .... and that was (and still is) their goal.

Will this bubble burst ... probably .... but not today.