M.Phil Year 2 Translation 07HT Week 3
The great mall of China
1. When an economy with 1.3 billion people doubles in size every 10 years, it is likely sooner or later to have an impact on the rest of us.
2. The Pearl River Delta just beyond Hong Kong can justly claim the mantle of being the new workshop of the world - a stunning maze of industrial plants that combines cheap labour, high skills and frontier technology in an unbeatable combination.
3. The good news is that higher commodity prices mean the world economy is strengthening, propelled by recovery in the US and the continuing growth in China; the bad news is that the impact on inflation is unavoidable.
4. It is a new economic model combining capitalist dynamism but guided by a state constantly aware of the need to raise living standards and the quality of life for literally hundreds of millions of people - or it will suffer a crisis of legitimacy.
5. China, in short, is a world event - a continent on the move with a distinct approach to capitalism. Its achievement is already remarkable, and its impact on a hitherto sluggish world economy entirely welcome.