Starseeker
Vault Senior Citizen
Hu calls for stepping up army building
(Xinhua). Updated: 2006-03-12. China Daily
Chinese President Hu Jintao on Saturday called on the Chinese army to enhance national defense and step up army building to safeguard national sovereignty, unification, territorial integrity and security.
President Hu Jintao delivers a speech during a meeting of the delegation of the Chinese People's Liberation Army (PLA) to the Fourth Session of the Tenth National People's Congress (NPC), in Beijing, capital of China, March 11, 2006.
"We should strive to improve the capability of the armed forcesto deal with crisis, maintain peace, contain wars and win victory in possible wars," said Hu when he joined in the panel discussion of the delegation of the People's Liberation Army (PLA) to the Fourth Session of the Tenth National People's Congress (NPC) here Saturday afternoon.
Hu is also general secretary of the Central Committee of the Communist Party of China and chairman of the Central Military Commission.
After hearing the PLA deputies' views, Hu said the next five years are crucial to China's drive for building a comparatively prosperous society in an all-round way. It is also "an important period" for the modernization of national defense and army building, he said.
"We must give top priority to defending national sovereignty and security, and get ready for military struggles," said the president.
"We must follow the scientific concept on sustainable development to strengthen national defense and army building," Hu stressed.
Hu also urged efforts to promote development in the fields of economy, science and technology, education and personnel training for both military and civilian purposes, and earn rich resources and strong support from the country's economic and social development for national defense and army building.
The president called for acceleration of coordinated development of military and political work, logistics and equipment in line with the principle of revolutionization, modernization, and regularization.
President Hu Jintao (L Front) talks with a member of the delegation of the Chinese People's Liberation Army (PLA) to the Fourth Session of the Tenth National People's Congress (NPC), in Beijing, March 11.(Xinhua
President Hu Jintao © talks with a member of the delegation of the Chinese People's Liberation Army to the Fourth Session of the Tenth National People's Congress in Beijing March 11.[Xinhua]
Science and technology is a productive force of primary importance, and is also a powerful driving force pushing forward the national defense and army building, Hu stressed.
To hit the goal of building an innovation-oriented country, efforts should be intensified to equip the army with information technology, improve the combat readiness based on technological innovation, and upgrade the army's organizational and administrative mechanisms.
The president underlined the people's role in enhancing national defense capacity, calling for a reinforced unity between the army and the people and the establishment of a rapid and effective mobilizing mechanism for national defense.
Hu, together with other leaders of the Central Military Commission, had a meeting with some PLA deputies from technological and grassroots units.
Where the hell is he going to get the money?
Japan FM calls China a military threat
(Reuters/AP/chinadaily.com.cn). Updated: 2006-04-03
Japan's foreign minister signaled on Sunday there could be no immediate thaw in relations with China, saying Tokyo saw Beijing's defense build-up as a threat.
The remarks are likely to anger China just days after President Hu Jintao said he was willing to meet Japanese Prime Minister Junichiro Koizumi provided Koizumi stopped visiting a war shrine Beijing considers a symbol of Tokyo's past militarism.
Ties have slumped to their lowest point in decades, strained by numerous disputes including the issue of Koizumi's visits to the Yasukuni shrine and a row over undersea energy resources.
Beijing has refused top-level talks since Koizumi last visited the shrine in October 2005, calling his actions offensive for Chinese victims of Japan's aggression before and during World War II.
Japanese leader's shrine visit has hurt the feelings of Chinese people and damaged the political foundation of Sino-Japanese relations, said President Hu Friday when meeting a Japan-China friendship delegation led by former Prime Minister Ryutaro Hashimoto who were visiting Beijing in hopes of improving ties.
Aso reiterated Tokyo's concern over the fast-rising Chinese defense budget.
"The real problem is a lack of transparency -- we don't really know what it's being used for," Aso told a political talk show on Fuji Television.
The Japanese government's official line is that China poses no threat, but a report issued last week by a think tank linked to the Defense Ministry termed Beijing's growing military strength a "major destabilizing factor" in East Asia.
Chinese officials have insisted that their country is open about spending and has increased military exchanges with other countries.
Aso said the Yasukuni issue should not be a barrier to a Japan-China leaders' summit, a stance endorsed on the same show by chief Japanese cabinet spokesman Shinzo Abe.
Abe rejected that offer Sunday on the Fuji TV talk show.
"It is wrong for China to refuse talks just over one problem," he said.
Koizumi's term in office ends in September, and attention is shifting to the question of whether his successor will continue his annual visits to the shrine. The prime minister insists he visits Yasukuni to pray for peace.
Both Abe and Aso, key contenders for the premiership, dodged the question of whether they would visit the shrine should they become prime minister, echoing Koizumi by saying it was only natural to want to pay respects to those who had given their lives for the nation.
Asked whether his own feelings or the needs of the nation would take priority, Aso said: "I'm a lawmaker, so of course the needs of the country come first."
Abe, who has supported Koizumi's visits to Yasukuni, warned on a different television channel the issue should not become a focal point for debate on choosing the next prime minister.
"To talk about Yasukuni causes diplomatic problems and that is a loss for national interests," he told the NHK talk show. "It is better to avoid causing political and diplomatic problems."
77.9 percent of Japanese believe Tokyo and Beijing should improve bilateral ties, according to a result of a survey released last week. The survey conducted by the Japanese Foreign Ministry surveyed 2,000 voters.
So, is Japan going to be more active in terms of military power?
US upgrading its forces with a wary eye on China
AFP , WASHINGTON. Saturday, Apr 22, 2006
The US is equipping its forces for high tech expeditionary warfare, in part as a hedge against the uncertainties posed by China's military buildup, a Pentagon spokesman said on Thursday.
"It is US policy to encourage China to emerge as a responsible international partner," said Bryan Whitman. "However, there is also a lack of transparency and some uncertainty surrounding China's future path."
"Therefore, we and others have to naturally hedge against the unknown," he told reporters here.
His comments came as Chinese President Hu Jintao (胡錦濤) was at the White House to meet with President George W. Bush on a range of trade and security issues, and to assure US leaders they have nothing to fear from China's rising might.
His visit is playing out against a backdrop of US concern about China's intentions as it pursues a major military buildup that the Pentagon believes threatens the military balance in region.
The US also has been modernizing and reorienting its military forces in recent years, shifting its weight from Europe to the Asia-Pacific region and south Asia.
It has revamped its military alliance with Japan, and moved to strengthen military ties with India and countries in southeast and central Asia.
Guam is being transformed into a hub for long range bombers, intelligence and surveillance aircraft, and logistics support. The military plans to move 8,000 marines to Guam from Okinawa by 2012.
The US Navy is adding a sixth aircraft carrier to the Pacific Fleet and has decided to home port 52 attack submarines -- 60 percent of its fleet -- in the Pacific theater by 2010.
The navy also is changing the way it maintains and mans its warships to be able to deploy four aircraft carrier battle groups in the Pacific at a time.
Billions of dollars are being invested to acquire costly F-22 fighter aircraft capable of cruising at supersonic speeds and develop a new long range bomber, all with an eye on China.
"We're looking at changing from being a garrison military to being a globally expeditionary force, shifting the strategic balance, enabling the military to be more agile across the spectrum of challenges that exist out there," Whitman said.
"So DoD [Department of Defense] continues to prepare for unforeseen eventualities, from full spectrum combat operations to counter-insurgency operations, stability operations, and homeland defense while creating the best structure to train and equip forces for those missions," he said.
Pentagon and US military officials in the past have insisted that the US military realignment was not directed at any specific country, or aimed at containing China.
But Whitman's acknowledgement that the changes were a "hedge" against China indicates Washington is opting for a more candid approach in spelling out the consequences of Beijing's military buildup.
The change in tone began last June when US Defense Secretary Donald Rumsfeld warned at a international security conference in Singapore that China was spending much more on its military than officially acknowledged.
"Since no nation threatens China, one wonders: why this growing investment?" Rumsfeld asked.
A major Pentagon strategy review made public in February singled out China as having "the greatest potential to compete militarily with the United States and field disruptive military technologies."
So, someone actually worries about China in Pentagon? What about Iran?
China criticises Pentagon's military report
25 May 2006. By Apornrath Phoonphongphiphat. The Star Online
BEIJING (Reuters) - China has criticised a U.S. report on its military power, saying it exaggerated the country's defence capabilities and showed a "cold war mentality".
China's Foreign Ministry said the Pentagon's 2006 China Military Power Report released on Tuesday spreads the "China threat theory" and endangers international relations.
"The (report) has a 'cold war mentality', deliberately overstates China's military power and expenditure, continues to spread the 'China threat theory' endangers international relations and brashly interferes in China's domestic affairs," Foreign Ministry spokesman Liu Jianchao said in a statement.
"China expresses its strong dissatisfaction and resolute opposition," he said a day before Christopher Hill, the U.S. chief negotiator to talks on dismantling North Korea's nuclear programme, arrived in Beijing on Thursday to meet his Chinese counterpart.
Liu denied the Pentagon report's assertions that China's military modernisation altered power balances in the Asia-Pacific region, saying China was a peace-loving nation that adhered to a path of peaceful development.
The Pentagon also said China was adding about 100 short-range missiles a year for deployment opposite Taiwan, shifting the balance of power between the two toward the mainland.
Liu said China would never tolerate independence for Taiwan, the self-ruled island it claims as its own, but added that it stuck to the principal of peaceful reunification.
The Foreign Ministry also requested that Washington, which is obliged by law to help Taiwan defend itself, abide by the "one-China policy", stop selling weapons to Taiwan and not send "wrong signals" to the Taiwan independence forces.
The Pentagon has been raising alarms over China's military modernisation for several years in annual military reports that China routinely denounces as being provocative and exaggerated.
This year's report praised China's globally oriented diplomacy but said its leaders had yet to explain the purposes of its military expansion and criticised its lack of transparency.
Here we go, the back and forth.
China on 15-year quest for high-tech weapons
25 May 2006. Bangkok Post
Beijing (dpa) - China on Thursday unveiled a plan to "enhance its capability to develop and rapidly supply new-generation weaponry" over the next 15 years, state media said.
The plan "stresses that the country will develop high and new technology weaponry to reinforce a mechanized and information-based army," the official Xinhua news agency said.
The 15-year programme will include development of "new and high technologies for the space industry, aviation, ship and marine engineering, nuclear energy and fuel, and information technology for both military and civilian purposes," the agency said.
"The outline development programme of science and technology for national defence (2006-2020)" was agreed by the Commission of Science, Technology and Industry for National Defence in the eastern port of Qingdao on Thursday, it said.
China on Thursday also criticized as reflecting a "Cold War mentality" a US Department of Defence report that questioned the purpose of China's military buildup.
The Pentagon report on Tuesday said China's leaders "have yet to adequately explain the purposes or desired end-states of their military expansion."
"The outside world has little knowledge of Chinese motivations and decision making or of key capabilities" that have resulted in the military buildup, the report added.
The Pentagon estimates that China's defence spending is two or three times higher than the officially disclosed amount of about 35 billion dollars in 2006. China has regularly raised its annual military budget by more than 10 per cent since the early 1990s.
The Pentagon said that the weapons acquisitions and the modernization of the Chinese military are geared, in the short-term, toward preparing for a possible confrontation in the Taiwan Strait.
However, the report cautioned that the Chinese military buildup "could apply to other regional contingencies, such as conflicts over resources or territory."
The US, including Department of Defence Secretary Donald Rumsfeld, have criticized China's lack of transparency with regard to its military
Lack of Transparency? China doesn't have transparency. It doesn't believe in it. It's about as transparent as black ink.
Rumsfeld urges China to "demystify" military spending
4 June 2006. The Nation
Singapore - US Defense Secretary Donald Rumsfeld urged China Saturday to explain its increased military spending to the world, saying it was in its interest to demystify actions that others find potentially threatening.
Speaking at an international security conference in Singapore, Rumsfeld said China had every right to decide how to invest its resources but the rest of the world also needed to understand Beijing's intentions.
"The only issue on transparency is that China would benefit by demystifying the reasons why they are investing what they are investing in, in my view," Rumsfeld said.
A Pentagon report last month said China was spending two to three times more on a major military buildup than the 35 billion dollars a year it has publicly acknowledged.
The report concluded that while Taiwan appears to be the near-term focus of China's military spending, the buildup poses a potential threat to the United States over the longer term.
Taking a softer tone, Rumsfeld did not put emphasis on the US view of China as a potential threat or future military rival in his speech and a question and answer session with defence and security officials and experts attending the so-called Shangri-la Dialogue.
He said he thought China's first choice was a peaceful reunification of Taiwan with the mainland.
But, he argued that as China's stake in the global economy grows it will face pressure to explain its behavior to the outside world.
"In life you can't have it both ways," Rumsfeld said.
"You can't be successful economically and engage the rest of the world, and have people milling around your country and selling things and buying things and engaging in exchanges, and have them at the same time worried or wondering about some mystery that they see as to a behavior that is unsettling," he said.
"If the rest of the world looks at China and sees a behavior pattern that is mysterious and potentially threatening, it tends to affect the willingness to invest," he said.
Rumsfeld took advantage of the presence here of other defence ministers to hold bilateral meetings. He met with Singapore's Defense Minister Teo Chee Hean and discussed the situation in East Timor with Australia's Brendan Nelson.
He was also scheduled to meet with Indian Defense Minister Pranab Mukherjee to review their two country's burgeoning defence relationship.
China was represented at the meeting by a lower level foreign ministry official, Tan Qingsheng, even though Rumsfeld had urged Beijing to participate at a higher level when he visited Beijing in October.
"I tried and failed," he told the gathering.
China, accountable? Read the next one.
Trevor Metz: Global View: China
No justice for foreigners
October 25, 2006
China is a rising economic power, without a doubt, but I've now seen for myself in a dramatic way that the level of corruption and fear that oozes through its society like an oil spill is creating a generation with a warped value system and sense of justice.
It's in the streets and I hear it from friends and from colleagues. The willingness and expectation to cheat foreigners is becoming prevalent. A friend and colleague told me some Chinese look down on others that don't take advantage of a foreigner's ignorance. She says many Chinese now expect to "earn" a few extra bucks from people who don't know any better. She says she is shamed by this and goes out of her way to help people.
This behaviour is spreading across China like an epidemic. It's not just petty dishonesty that is growing; it's the level of corruption and fear of speaking out that shocks me.
And I am not talking about corruption among high-ranking government officials. We have all heard the stories about Communist officials cheating farmers out of their homes and making millions of dollars only to send in troops to shoot at people opposing them. In fact, we hear stories like this so often I worry that they are losing their impact.
I'm talking about corruption that eats away at the roots of Chinese society. Recently, I had the displeasure to witness the depth of corruption and racist behaviour of Beijing's police first-hand.
Nightmare began with argument
It started with an argument I had with a cab driver. He was a brand-new cab driver in Beijing and I could tell he didn't know his way around town. When I told him my address he looked confused, so I asked him again whether he knew where he was going. He said yes. He ended up getting lost and so I asked him to turn off the meter. He would not.
When we finally got to my destination I paid him in full because I had no change, but asked him for some money back. He refused. I took the licence from his dashboard and threatened to report him. I imagine this is where our language barrier kicked in. He sprang at me and grabbed my throat. I managed to fight him off, without striking him, and leaped out of the car. He grabbed a mop that was sitting by the road and charged me with it raised over his head.
Several dozen people on the street crowded around us to watch. Once again, without striking him, I pushed him up against the wall and disarmed him. I threw his licence at him and attempted to flee but I was cornered by an angry mob. Thankfully, another foreigner with better language skills than mine saw the whole thing and came to my aid. The police were then called.
A man from the crowd came forward and made a deal with the cab driver: He would tell the police that I beat the driver senseless and they would split the money I would have to pay. He said this in front of me and the entire crowd. The cab driver then lay down on the sidewalk and pretended to be hurt. Even though every person in the crowd knew what was going on, not one helped me. I was arrested and taken to the police station at Fu Li Cheng.
Race an obvious issue
After hours of interviewing the driver, his lying witness, my witness and me, I was told I was going to have to compensate the driver for his injuries. Officer Liu, who was brought in to the station for his English skills, told me, and I'm quoting here: "We know you did not beat this man. We know you are telling the truth, but this is not about truth anymore, it's now a matter of money."
I was flabbergasted.
"Let me sum this up," I said. "I was cheated, then assaulted, then assaulted with a weapon, then this man lied to you about his injuries, and now you are extorting money from me?"
Officer Liu just stared blankly at me and told me I would not be leaving until I agreed to pay — and he would negotiate the best deal he could. He also threatened to keep my passport, a frightening threat since I was leaving for Canada the next morning for a two-week vacation.
After about six hours of this nightmare, I signed a confession I could not understand — it was written in Chinese — in which I apparently said I had beat the cab driver; I was made to pay him 200 kuai, or about $30 Cdn.
What was I going to do? They had threatened to keep my passport and not let me go home. They were going to throw me in jail, they said. They knew I was telling the truth. The crowd that saw the entire incident knew I was telling the truth. Sadly, not one person did the right thing. Over the course of the ordeal I figure more than 100 people had the chance to tell the truth, and not one did.
Officer Liu told me that if even one person, other than a foreigner, had stuck up for me, he would have let me go. I explained that my witness, a man from England, was not only from another country but a different continent. It didn't matter.
Race an obvious issue
Later, I wondered what would have happened if my witness had been black? Or what the outcome would have been had my witness been Japanese? Race was obviously an issue, so I wonder whether these factors would have given me more or less credibility.
I know you can't judge an entire nation on one experience, but this sort of thing is becoming more frequent. A cab driver recently tried to stab a friend of mine with a screwdriver and the police just laughed because he was able to fight him off.
After this ugly incident I am forced to re-evaluate my reasons for being here. There are days that I love living here. Honestly, China can be so wonderful. But I have now had to ask myself whether it's worth it. As time goes on, I am becoming philosophical about the ordeal and have pretty much decided to chalk it up to another weird but character-building experience, but I won't forget it.
And if you are thinking about visiting Beijing for the 2008 Olympics, neither should you.
Pathetic. This is a superpower? Or is it trying to be a softpower? Of course, this is quite common and this will probably never happen in most other countries.
MICHEL CORMIER:
Into Africa
Is China becoming a superpower in Africa?
Feb. 14, 2007
Visits by Chinese leaders to developing countries don't usually make the headlines in North America. But last week's twelve-day, eight-country trip in Africa by Chinese President Hu Jintao sent alarm bells ringing in Washington and other Western capitals.
China-Africa trade
Africa's merchandise exports to China increased an average of 48 per cent per year from 1999 to 2004. Here's Africa's top five exports to China (and share of total):
* Oil: 62%
* Ores and metals: 17%
* Agricultural raw materials: 7%
* Manufactured materials: 6%
* Textiles, apparel, footwear: 5%
These are Africa's top five imports from China (and share of total):
* Textiles, apparel, footwear: 36%
* Machinery and transportation equipment: 33%
* Manufactured materials: 18%
* Ores and metals: 9%
* Agricultural raw materials: 3%
Source: Africa's silk road: China and India's new economic frontier by Harry G. Broadman. The World Bank, 2007.
The fear is that by showering Africa with investment, forgiving debt and hobnobbing with dictators — without so much as mentioning human-rights abuses — China may become the main player on the African continent and undermine pressure for reform on African regimes.
Just how important the African continent has become for the Chinese was made clear last October when China played host to 40 African nations in Beijing. Factories were closed to reduce pollution and traffic was reduced to a minimum to make the African leaders' stay as pleasant as possible, a sure sign of just how important this summit was for China.
China needs Africa's natural resources to fuel its exponential economic growth. With more than $60 billion worth of trade this year, China surpassed Brazil as Africa's third most important trading partner, behind the United States and France. But China does not want to jeopardize its new economic relations with African countries and has been wary of using its diplomatic clout on regimes such as Sudan. The buzzwords for Chinese diplomacy are soft power and harmonious relations.
Sudan the key stop
Still, China cannot totally ignore calls to become more active on the diplomatic front.
Hu Jintao and Omar Al-Bashir Sudanese leader Omar Al-Bashir, left, and Chinese President Hu Jintao inspect an honour guard in Khartoum, Sudan, Feb. 2, 2007. (Abd Raouf/Associated Press)
For China watchers, the most important stop on Hu's itinerary was Sudan. The United States and European countries were hoping he would pressure Sudanese leader Omar Al-Bashir to allow a United Nations-sponsored peacekeeping force to intervene in Darfur, in western Sudan. More than 200,000 people have died and 2.5 million displaced in the past four years in what many in the West consider genocide.
China, which buys two thirds of Sudan's oil and is the leading weapons supplier to the regime, has refused to vote on sanctions in the UN Security Council.
Hu, in an effort to maintain good relations with Sudan, wrote off $70 million in debt and provided a $13-million interest-free loan for a new presidential palace. However, the Chinese president did press Al-Bashir to allow UN peacekeepers into Darfur. This was not reported in the Chinese official media, but it was welcomed outside China as a first step in the right direction.
The fact that some human-rights organizations were asking for a boycott of the 2008 Olympic Games in Beijing if China does not pressure Khartoum shows China's relations are being increasingly scrutinized. Of course, there is a limit to what the West can expect of China. The Chinese government can hardly be expected to push for democratic and human-rights reforms it is not willing to implement at home.
Colonial virginity
China has traditionally justified its reluctance to get involved in the internal affairs of African and other countries by saying it wants to avoid being seen as a new colonial power. However, there are signs it is starting to lose its colonial virginity, especially in Africa. Hu had to cancel a visit to a copper mine in Zambia because there were fears local employees of a Chinese mining company were planning to protest safety and other work-related issues.
Zambian companies also accuse China of flooding street markets with cheap clothes. "They are not here to develop Zambia," a prominent Zambian legislator said. "They're here to develop China."
In Nigeria, Chinese oil workers are now being kidnapped by a local militia that accuses foreigners and the Nigerian government of plundering oil resources. South African President Thabo Mbeki — who met Hu during his trip — has warned against what he called a Chinese ‘neocolonial adventure' in Africa.
So, China's honeymoon of investment in Africa may be coming to a close as the Chinese discover that economic relations cannot be dissociated from diplomacy or good corporate behaviour.
Ok, here we go.
China is increasing military spending for at least 18%. Of course, Hu is a hard liner and comes from the Beijing camp, he has to do something to appease the generals and the traditionalists backing him. Since the Shanghai camp lost the power struggle this time, there will be more radical nationalist policies to come.
It's also perfectly normal for Japan and US to get worried, but I am not sure they are worried about the right thing. Unless there is a major war/conflict coming at China that can get a majority of Chinese people to come together, there is a high possibility that China will - 1. implode, splintering into lots of little fragments with lots of anarchy and war, 2. have a civil war, the north and south have never been able to properly get along, with the South getting pissed at the North living off their economical success, and the North getting annoyed at the South's new uppity attitude.
It's inevitable. China is barely holding together as it is. That's why there is a mad rush to make more friends, get more resources, and develop more markets while trying darn hard to protect their own. The only thing convincing the average Chinese citizen not to revolt as they have done for thousands of years whenever they were discontent with the current government, is the marching sound of the eonomic engine. Everything China does can be explained by this simple fact.
Majority of average Chinese citizen is poorly educated, poor and pissed. 3 Ps. The only thing they think about when they get out of bed in the morning is make a lot more money in any ways possible. Most of them weren't able to cash in on the smuggling boom in the 80s, privatizing boom in the 90s, and the construction booms in the 2000s. But there is NO social relief. The funny thing is, China is supposely communist, but it's not socialist. Old China created the socialist like community by design because it's an efficient system of social safety net and control. CCP crushed it by installing the communist mind set, and the CR bascially crushed any sense of social values in the average citizen after 35.
Therefore it's a pressure cooker, and an endless cycle. Massive industrializaton at a super speed creates massive pollution, fast migration of jobs, social unrest, overly saturated markets, huge layoffs, and etc. In order to compensate for all of this, the government pumps out endless feel good stories about itself and its people. It also regularly posts economical success stories from seemingly regular people(who are all well connected) to create the illusion of hope. The truth is, you can't truly succeed in china without protection, and that can only come from real political power.
And on it goes to search for more markets and resources. But will it be enough? The Chinese social security fund will not grow fast enough for the aging Chinese population, so it will run out around 2020. The one child policy is hurting government's intention to reinstate traditional values of children supporting their elders. It's too high of a burden to support 4 people on one person's income(counting parents and grand parents), and this doesn't include his own kids. More and more people will lose jobs because of the slow realization and migration towards automated systems and higher quality products instead of huge amount of lower end products. More and more people will demand better service for their products if they aren't cheap any more. The need for more/better trained employees will weed out more and more people who aren't qualified and those who got a degree just for a degree. So on and so forth.
So what will become of China? Well, the biggest obstacle China faced for 20 years since 1980s was lack of captial, markets and resources. But, since then China has improved the distribution system, transportation system, and banking system(sloooowly). So it now has a working stock market, rich markets with wealthy/connected people in big cities, and every mining/forestry/oil companies beating down its door. But it'll be facing its biggest challenge yet, human captial and the organization thereof. It's not an easy problem to solve, esp given China's militaristic history.
How does this relate to the rest of the world? Well, let's look at some recent development in the markets. Mining, forestry, and oil/gas companies stocks are down around the world because there is a fear of a slow down in the construction/building/manufactoring boom in China and when prices go down, some people might lose their jobs. Consumer products and Electronics are probably the next on the list, since with the slow down in economy in China, people will be more likely to save instead of spend in one of the biggest markets in the world. Chinese markets will be saturated by its own products, so lending momentum to Chinese companies competing in foreign markets. China is already a very competitive player in textiles, basic electronics, and household products. It's slowly moving into automobiles, cellphones, PCs, and household electronics. This will create more competition and squeeze out a lot more players. Consolidation will occur and putting a lot more people out of work. What will happen in terms of economics? I am not sure. A worldwide depression is unlikely, but some people won't be happy about it. Maybe Welsh can answer this question?