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...such as Shanghai, Beijing and Guangzhou to smaller ones such as Xiamen and Wuxi. Across China, spending is already surging, with retail sales rising by 13.7% last year and 12.9% in 2005. Spending patterns are changing, too. Consumer demand is expanding to service industries as Chinese splash out on travel, sports and entertainment. According to HSBC research, middle-class Chinese consumers now dine out three times a week, belong to fitness clubs and travel for pleasure at least twice a year, albeit mostly within China. Mobile phones and personal computers have become common in this land of former hand...
...urbanites are not just stashing away money to fund retirement and meet rising medical costs. Many Shanghainese respondents to the HSBC survey said their two main motivations for saving were to buy real estate (the majority already own at least one property) and pay for their kids' education. Travel was listed as the third most important reason to save. Only 14% of respondents said they were saving for retirement...
While Branson was hitting the beach with future passengers, his competitors-- smart, rich and innovative like him--were busily at work plotting to beat him into space. Amazon founder Jeff Bezos just tested his first prototype for personal space travel in West Texas. John Carmack, co-creator of the Doom and Quake games, is test-firing rockets for the next generation of spaceliners and lunar landers near Dallas. In California, Jim Benson, founder of Compusearch, is developing a space taxi with a motor that runs on rubber and laughing gas. (Don't laugh. It works.) PayPal co-founder Elon Musk...
...SpaceShipOne proved in 2004 that a privately built vehicle could reach the edge of space and do it twice in five days safely. The plane, bankrolled by former Microsoft co-founder Paul Allen, won the $10 million Ansari X Prize (sponsored by a foundation seeking radical breakthroughs in space travel) that year and removed, once and for all, what Carmack calls the "giggle factor" in private spaceflight. "This is real. We're not dreaming anymore," Branson says, all signs of his Necker Island playfulness gone. "You could argue," he says, taking a swipe at NASA, "that we've wasted...
While most of his competitors have shunned the bureaucratic NASA, he bid for and won a $278 million NASA contract to develop a delivery service to the ISS. For Musk, 35, space travel is a childhood dream, not just for exploration but as a logical next stage in man's evolution from the primordial goop. "To our knowledge, life exists on only one planet, Earth. If something bad happens, it's gone," he says. "I think we should establish life on another planet--Mars in particular--but we're not making very good progress. SpaceX is intended to make that...