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Just as we overlooked the structural flaws in the Japanese economy during Japan's rapid rise, so too are we blind to limiting and deep-seated constraints in China that will prove to be inherent brakes on growth.
There are two Chinas, one falling and one rising. At the Shanghai Zoo, both are on display. Pessimists will shake their heads at stultifying bureaucracy. Optimists are reassured by the unquantifiable, relentless energy of the people.