China’s rise fraught with hope, fear – Tim Johnson

From The Knight Ridder Newspapers:

If Japan’s development was fast, and South Korea’s was even faster, then China’s rise is the fastest.

China on Tuesday reported that its economy is much bigger when its share of the growing services sector is estimated more accurately. As a result, China replaced Italy as the world’s sixth-largest economy. It’s No. 4 – behind only the United States, Japan and Germany – if Hong Kong’s figures are added.

In barely three decades, China has thrown up endless high-rises, shopping malls and highways. It’s sending astronauts into space, building a powerful military and filling store shelves worldwide with low-priced manufactured goods. Starting in 2007, Chinese-made cars may hit U.S. showrooms.

The Chinese feel great optimism, even as other nations temper their admiration of the rising dragon with some measure of fear.

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