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There are certainly signs that some aspects of China's recovery are ephemeral. Part of the reason China's stock market has soared is that Chinese companies have received so much cheap financing that they have dumped proceeds into the equity market for lack of better alternatives. Andrew Barber, Asia...

Author: /time Magazine | Title: Can China Save the World? | 8/10/2009 | See Source »

Little Big China Those caveats are important. But China's technocrats are well aware of the risks they are running. "They came into this [crisis period] with eyes wide open," says Barber, recognizing that loans being granted in a relatively weak economic climate could start to go bad in droves...

Author: /time Magazine | Title: Can China Save the World? | 8/10/2009 | See Source »

Chinese élites, we often forget, have had economic and cultural links with Europe for 300 years; by the 18th century, the Chinese were producing porcelain for the European market and avidly studying European art and architecture. In particular, says Mitter, the first half of the 20th century - that period...

Author: /time Magazine | Title: Into the Unknown | 8/10/2009 | See Source »

How China develops internally, and how it changes the wider world, will depend on an infinite number of contingencies. A crucially important one, obviously, will be how China and the U.S., the dominant global power, get along. As Barack Obama said on July 27, "the relationship between the United States...

Author: /time Magazine | Title: Into the Unknown | 8/10/2009 | See Source »

This will not be easy. Somehow, U.S. diplomats must help convince all three Asian nations that they can rise together, rather than descend into bitter rivalry. Japan will need special attention; its politics are becoming worryingly sclerotic, and it is beginning to feel overshadowed by China. Tokyo may soon need...

Author: /time Magazine | Title: Into the Unknown | 8/10/2009 | See Source »

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