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...Beijing has what it used to call "core interests" - issues that stand above and beyond the rest. Taiwan is one. Another - a recent product of its economic surge - is long-term access to the oil, gas and minerals needed to fuel the country's growth for decades to come. Iran, from whom Beijing now buys a tick over 400,000 barrels a day (about 14% of China's total oil imports), is clearly part of that future. But U.S. Secretary of State Hillary Clinton recently called out Beijing in public to get off the fence and sign...
...just how does China define its "overall and long-term interests'' in Iran? We're about to find...
...world has always been too focused on Dubai, but Dubai is not the GCC," he says, referring to the Gulf Cooperation Council, a loose political and economic union of gulf nations. "In the short term, Dubai's problems may impact how the world sees the region. But over the long term, the region has and will show a tremendous amount of growth...
...region's behemoth, has ambitious plans for new development, and Riyadh, its capital and biggest city, is bound to host the central bank for a proposed future gulf single currency. But for all its shopping malls and skyscrapers, Riyadh will never be the region's financial center so long as there is no place for investment bankers to celebrate their deals by popping champagne corks. Most global professionals don't want to live in a country where alcohol is illegal and women can't drive. Despite its present problems, they're more likely to stick with Dubai, which launched...
...skills to run a modern economy - and to better educate its own citizens so they can play a bigger role in that economy - the gulf's cities will also have to open up more. Dubai could well lead the way. "Dubai has been proving naysayers wrong for so long that I'm wary of being pessimistic," says Jim Krane, author of City of Gold: Dubai and the Dream of Capitalism. "It's certainly in a deep hole. [But] the entire world has a stake in its success...