Zachary Karabell

It’s now widely believed that the global recession is coming to an end, but the path out has been far from typical: This time around, China, not the U.S. has led the global recovery. With its $600 billion stimulus package and with banks lending with abandon, China has become the engine of global manufacturing and industrial activity.

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They're Winning

At the conclusion of two days of meetings in Washington last week, representatives from China and the United States reaffirmed their mutual commitment to continuing a “Strategic and Economic Dialogue.” Yet, constructive rhetoric masked many of the worries each country has about the other one’s long-term financial health. China is worried about its investments in U.S. bonds; America is worried that the Chinese economic model is unsustainable; and neither much like the position of mutual dependence.

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