Monday, December 24, 2007

Evidence of China's rise everywhere in 2007

FROM the depths of Earth's oil fields to the rarefied atmosphere of space, evidence of China's modernisation seemed to be everywhere in 2007 - a rise set to be enshrined with next year's Olympics.
China will soon overtake Germany as having the world's third biggest economy after a fifth straight year of double-digit growth, and its expanding wealth had huge impacts at home and abroad over the past year.
In Shanghai, the value of China's stock market climbed spectacularly as investors continued to plough in their new riches, while around the country the building of skyscrapers and new factories pushed ahead at a frantic pace.
But while the rest of the world enjoyed the countless cheap products exported from China and the increasing economic opportunities offered inside the country, its growing influence in world trade also caused problems.
The United States and Europe hauled China before the World Trade Organisation over a range of what they alleged were unfair trade practices, with one of the complaints from the US side being about rampant copyright abuse.

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