THE FAR EAST: Squeeze from Peking

Communist China, like Big Brother Russia, has set itself a big economic target. When Khrushchev talks of overtaking the U.S. in farm products by 1975, Peking tells of overtaking Britain industrially in 15 years. But Red China's real industrial rival sits just across the Yellow Sea. Last week Peking declared open economic warfare on Japan, the one Asian nation capable of challenging the Red drive toward economic domination in greater East Asia.

Peking has such a healthy respect for capitalist Japan's postwar buildup that for a long time the Chinese Reds fondly hoped that Japan could be lured into a...

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